Yemeni riyal falls dramatically against foreign currencies in Aden

SANAA, June 26 (YPA) – The Yemeni riyal continued on Wednesday to fall significantly against foreign currencies in Aden and other southern provinces under the control of the Saudi-led coalition.

Banking sources in Aden confirmed that the selling price of the US dollar reached 1844 riyals, while the selling price of the Saudi riyal exceeded 482 Yemeni riyals.

This comes amid warnings of an increase in prices for foodstuffs and petroleum derivatives in the coming hours due to the ongoing collapse of the local currency in those areas.

The local currency in Aden is witnessing a frightening collapse that threatens an unprecedented economic catastrophe, with the continued failure and inability of the pro-coalition government to find significant economic solutions and reforms.

Economists in Yemen attribute the rapid collapse of the local currency in Aden due to the pro-coalition government printing approximately six trillion Yemeni riyals without insurance cover between 2016 and 2021 and following a wrong financial policy that negatively affected the lives of citizens and led them to true famine.

YPA