US dollar rises to its highest level against Yemeni riyal in Aden

SANAA, May 14 (YPA) – The US dollar was being sold in Aden city, southern Yemen, at a ridiculous price against the local currency there on Tuesday, following the angry popular protests taking place in the city for the third day in a row, banking sources said.

The sources reported that the selling price of the US dollar in Aden reached 1,705 riyals, while the selling price of the Saudi riyal approached 450 riyals due to the economic deterioration without any significant reforms from the government affiliated with the Saudi-led coalition.

The sources attributed the increase in the prices of foreign currencies in Aden and the rest of the southern provinces under the control of the coalition to the government’s flooding the market with printed currencies without a cash cover of more than 5 trillion and 320 billion Yemeni riyals during the past years and without any financial revenues in hard currency to the Central Bank of Aden.

Meanwhile, the exchange rate of the dollar in Sanaa and the provinces under the control of the Supreme Political Council remained stable at 530 riyals, while the Saudi riyal reached 139.70 riyals.

YPA