Foreign currencies record new high in southern, eastern Yemen

SANAA, July 01 (YPA) – Foreign currency prices rose again against the local currency on Monday in the city of Aden and the southern and eastern Yemeni provinces, where the price of the dollar hit 1,841 riyals and the Saudi riyal exceeded 482 riyals.

Banking sources confirmed that the rise in the rate of exchange during the past hours amounted to 14 riyals in the dollar exchange and four riyals in the Saudi riyal exchange.

According to economic experts in Yemen, the accelerating collapse of the local currency in Aden heralds an unprecedented economic catastrophe with the continuing failure and inability of the government loyal to the Saudi-led coalition to find significant economic solutions and reforms.

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.

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