Foreign exchange rates reach new high in Aden, southern provinces

SANAA, Oct. 12 (YPA) – Foreign exchange rates have reached a new high against the local currency in Aden and the southern and eastern provinces of Yemen.

Banking sources in Aden reported on Saturday that the US dollar reached 1,962 Yemeni riyals, while the purchase price reached 1,950 Yemeni riyals, an increase of over 30 riyals over last week’s prices.

The collapse of the Yemeni riyal was not limited to the US dollar but extended to other foreign currencies, with the Saudi riyal exceeding 513 riyals for sale and 511 riyals for purchase.

The economic mismanagement of the coalition government has contributed to this deterioration.

According to economists, the collapse of Yemen’s economy is attributed to the government printing over 5 trillion and 320 billion Yemeni riyals without cash cover between 2016 and 2021 AD, exacerbating inflation and eroding currency value.

Sanaa’s exchange rates remain stable due to the Central Bank’s policy of unifying rates, as per a daily circular. This policy includes the maximum limit for selling major currencies approved by the Foreign Exchange Unit.

The bank set exchange rates in a circular issued on Saturday, stating that Saudi riyal to Yemeni riyal = 140 Yemeni riyals, US dollar to Yemeni riyal = 530.50 Yemeni riyals, and US dollar to Saudi riyal = 3.79 Saudi riyals.

YPA