Central bank in Aden takes shocking decision on dollar exchange rate

ADEN, Aug. 22 (YPA) – The Central Bank in Aden city on Thursday announced a shocking decision regarding the exchange rates of the dollar against the local currency in the areas under the control of the Saudi-led coalition in southern and eastern Yemen.

Aden’s central bank set the exchange rate for one dollar at 1,891 riyals, which sparked a wave of discontent among citizens.

Many activists in southern Yemen considered that, with this decision, the central bank officially announced its joining the group of currency manipulators and speculators.

Some others considered the central bank’s decision as “raising the white flag and surrendering to the catastrophe of the economic collapse sweeping the country,” in a way that sends a message to citizens not to ask the pro-coalition authorities to improve the value of the local currency, which portends further economic deterioration in southern and eastern Yemen.

The decision of the Aden central bank today to raise the price of the dollar at the expense of the local currency comes amid conflicts between the forces loyal to the coalition in Yemen to control the leadership of the bank.

In a related context, the exchange rate of the dollar in the city of Aden reached on Thursday 1,921 riyals, amid expectations of significant increases that the price of the dollar may exceed 2,000 riyals during the next days following the new decision of the central bank.

YPA