Foreign currencies witness rapid rise against Yemeni riyal southern provinces

SANAA, Oct. 15 (YPA) – The local currency, the Yemeni riyal, in the city of Aden and the Yemeni southern and eastern regions controlled by the Saudi-led coalition, continues its journey of collapse against foreign currencies, reaching unprecedented levels.

Banking sources in the city of Aden revealed on Tuesday that the US dollar recorded 2,011 riyals on Tuesday when sold, while the purchase price reached 2,002 riyals, and the price of the Saudi riyal exceeded the barrier of 526 riyals for sale and 525 riyals for purchase.

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

Economists attribute the reasons for the collapse to the government of the coalition printing more than 5 trillion and 320 billion Yemeni riyals without cover, 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