US dollar exchange rate soars wildly against Yemeni riyal in Aden

ADEN, Jan. 20 (YPA) -The dollar’s price surged against the Yemeni riyal, causing shock to citizens in Aden city, which is controlled by the Saudi-led coalition, due to the ongoing economic collapse in southern provinces.

Banking sources in the city reported that the selling price of the US dollar reached 1,594 Yemeni riyals, an increase of 50 riyals since last Tuesday, while the purchase price reached 1,582 Yemeni riyals, and the Saudi riyal exchange rate raised 10 riyals against the Yemeni riyal, bringing the selling price to 419 Yemeni riyals.

The sources attributed the rise in foreign currency prices to the failure of the pro-coalition government to take any economic measures to maintain the price of the local currency due to its printing of approximately six trillion Yemeni riyals without cash cover during the past years.

The economic collapse affected the living conditions of citizens in Aden and the rest of the southern provinces, reaching the point where the government was unable to pay teachers’ salaries for the past month in Aden.

YPA