Yemeni riyal hits new low against foreign currencies in Aden

SANAA, June 29 (YPA) – The exchange rate of the Yemeni riyal in the city of Aden and the southern and eastern Yemeni provinces continued on Saturday its decline against foreign currencies, recording 1,833 riyals to the US dollar and 480 riyals to the Saudi riyal.

This comes amid the continued failure and inability of the government loyal to the Saudi-led coalition to find significant economic solutions and reforms, which portends an unprecedented economic catastrophe.

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

Meanwhile, the riyal exchange in Sanaa and other areas under the control of the Supreme Political Council maintained relative stability at 530.50 riyals to the US dollar and 140 riyals to the Saudi riyal.

YPA