Local currency reaches highest level of collapse in Aden

ADEN, May 21 (YPA) -The exchange of local currency rate in Aden hit a new record collapse on Sunday as it approached the 1,400 riyals for one US dollar.

According to banking sources, The US dollar exchange rate in the southern province of Aden amounted to 1,400 riyals, while the Saudi riyal exchange rate reached 350 Yemeni riyals.

It is the first time the exchange rate has reached this high record since the formation of the so-called “Presidential Leadership Council” nearly a year ago.

It is not yet clear whether the collapse is the result of pressure on the Southern Transitional Council, the city’s de facto authority, or a reflection of the situation of the central bank, which is suffering from a financial crisis that threatens to bankrupt.

The value of the Yemeni riyal in the occupied southern regions of Yemen has remained consistently lower than in the areas under the control of the National Salvation Government in Sana’a, as a result of economic mismanagement by the Saudi and Emirati occupation forces.

E.M