YEMEN Press Agency

Aden witnesses serious indicators of decline in dollar stocks

SANAA, June 24 (YPA) – The exchange rates of the US dollar recorded on Sunday an unprecedented variation against the local currency in the city of Aden, located under the control of the Saudi-led coalition.

According to banking sources, the exchange rate of the US dollar recorded 1,818 Yemeni riyals in Aden, a decrease of two riyals compared to yesterday’s transactions.

Observers believe that the decrease in the sale of the dollar in Aden and the increase in the case of purchases are indications of the decrease in the stock of the dollar at banks in the city of Aden and the rest of the areas under the control of the coalition in southern and eastern Yemen.

Although the Central Bank of Aden has been holding weekly auctions for nearly three years to sell its holdings of the US dollar with the aim of “improving exchange rates” against the local currency, this step did not result in any improvement for the local currency, which has lost more than 500% of its value since August 2018, after the first batch of local currency printed without a cover arrived in the city of Aden.

Meanwhile, the currency exchange rates maintained stability in the areas under the control of the Sanaa government at the barrier of 532 riyals to one dollar and 141 riyals to the Saudi riyal.