US dollar records new high against Yemeni riyal in Aden

ADEN, Nov. 21 (YPA) – Foreign currencies continued to rise on Tuesday amid a new collapse of the Yemeni riyal in the city of Aden and the rest of the southern provinces under the control of the Saudi-led coalition factions in southern Yemen.

Banking sources in Aden confirmed that US dollar’s selling price reached a new high of 1,520 Yemeni riyals and the Saudi riyal’s price surged over 410 Yemeni riyals, impacting commodities and consumer materials, including oil derivatives.

The sources attributed the economic deterioration to the failure of the coalition government and its inability to manage financial resources, in addition to the flooding of the local market with new-issue currencies.

YPA