Yemeni riyal returns to fall against foreign currencies in southern provinces

SANAA, Aug. 15 (YPA) -The Yemeni riyal exchange rate on Sunday returned to drop against foreign currencies after days of fluctuating stability in the southern provinces, recoding 938 riyals per dollar in Aden and Hadramout provinces.

Meanwhile, the Yemeni riyal exchange rate in the capital, Sanaa, remained its stability at about 600 riyals to the dollar. As for the average dollar exchange rate on the black market, it reached 605 riyals.

The United Nations confirmed in a report published recently that the Yemeni riyal lost 35% of its value in the areas under the control of the “Hadi government.”

Bankers and economists had warned against pumping new currencies printed by the Hadi’s government to the markets.

The “Hadi government” recently decided to raise the customs dollar price 100% from 250 riyals to 500 riyals, in a step that would cause catastrophic repercussions on citizens’ living conditions.

YPA