Foreign exchange rates rise in Aden, remain stable in Sanaa

SANAA, Oct. 06 (YPA) – The city of Aden and the southern and eastern provinces of Yemen are witnessing instability in foreign exchange rates against the local currency, which collapsed dramatically in the middle of last week.

Banking sources in the city of Aden reported on Sunday that the US dollar recorded 1,933 riyals, while the purchase price reached 1,918 riyals.

According to the sources, the riyal collapse was not limited to the US dollar only but extended to include other foreign currencies, as the price of the Saudi riyal exceeded the barrier of 505 riyals for sale and 503 riyals for purchase.

The continued catastrophic collapse of the Yemeni riyal is due to many reasons, including the economic mismanagement of the government loyal to the Saudi-led coalition, which failed to implement any economic reforms to stop this economic and livelihood deterioration that is harming citizens.

Economists attribute the collapse to the government printing more than 5 trillion and 320 billion Yemeni riyals without cash cover between 2016 and 2021, which led to the exacerbation of inflation and the significant erosion of the value of the currency.

In Sanaa, exchange rates were not affected by any variables and continue to be stable as a result of the Central Bank’s policy in accordance with the circular limiting exchange rates.

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 to the dollar.

YPA