Foreign currencies continue to rise against Yemeni riyal in Aden

SANAA, July 11 (YPA) – Foreign exchange rates in the city of Aden and the southern and eastern Yemeni provinces, controlled by the Saudi-led coalition, recorded a new high on Thursday amid a major collapse of the local currency.

The dollar exchange rate in Aden reached 1,890 riyals, while the Saudi riyal exceeded 493 riyals.

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 pro-coalition government 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.

YPA