Foreign currencies record new rise in Aden
SANAA, July 14 (YPA) – Foreign currency exchange rates continued on Sunday to rise against local currency, the Yemeni riyal, in the city of Aden and the southern and eastern provinces of Yemen, controlled by the Saudi-led coalition.
According to banking sources in Aden, the dollar exchange rate exceeded 1,900 riyals, and the Saudi riyal approached the barrier of 500 riyals.
The rapid collapse of the local currency in Aden portends an unprecedented economic catastrophe, with the continued failure and inability of the pro-coalition government to find significant economic solutions and reforms, according to economic experts in Yemen.
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.
On the other hand, the Central Bank of Yemen in Sanaa issued a new circular on Sunday evening, which featured the Foreign Exchange Unit’s approved upper limit for selling prices of major currencies, as follows:
Saudi riyal to Yemeni riyal = 140 Yemeni riyals
US dollar to Yemeni riyal = 530.50 Yemeni riyals
US dollar to Saudi riyal = 3.79 Saudi riyals.
YPA