YEMEN Press Agency

Local currency witnesses fastest deterioration in Aden

SANAA, June 12 (YPA) – The local currency witnessed on Wednesday a significant collapse against foreign currencies in the banks of the city of Aden and the southern and eastern Yemeni provinces.

This portends an imminent economic disaster as a result of the worsening living crisis in those areas, after the dollar exceeded 1,800 Yemeni riyals.

Banking sources explained that the selling price of the dollar in Aden and the southern and eastern provinces rose to 1,806 riyals, an increase of 14 riyals at once over yesterday’s trading on Tuesday, while the price of the Saudi riyal exceeded 473 Yemeni riyals.

Observers considered that this deterioration was the fastest of the local currency within days in the areas under the control of the Saudi-led coalition in southern and eastern Yemen, during which the price of the dollar increased by 36 riyals within 72 hours.

This deterioration is the result of currency manipulation practiced by speculators, without ruling out that traders have a role in this accelerating collapse of the currency for the purpose of trying to compensate in advance for the losses that traders may be exposed to as a result of the chaos occurring in the conditions of currency control, according to the observers.

This accelerating collapse coincides with the approaching Eid al-Adha, during which people’s demand to buy necessities increases.

On the other hand, the exchange rates in Sanaa remained relatively stable, at 532 riyals to the dollar and 141 riyals to the Saudi riyal.