Yemeni riyal witnesses catastrophic collapse against foreign currencies in Aden

SANAA, Oct. 23 (YPA) – The local currency in Aden and Yemen’s southern and eastern provinces is experiencing instability due to its rapid collapse against foreign currencies.

Banking sources in Aden reported on Wednesday a significant increase in the US dollar price in Aden and Yemen’s southern and eastern provinces, reaching 2,029 riyals when selling and 2,018 riyals when purchasing, with an increase of 21 riyals within 48 hours.

Observers attribute the ongoing collapse of the Yemeni riyal to various factors, including economic mismanagement by the government loyal to the Saudi-led coalition, which failed to implement necessary reforms to prevent the deterioration of the economy and livelihoods.

The coalition government’s printing of over 5 trillion and 320 billion Yemeni riyals without cover led to the collapse of the economy, exacerbating inflation and significantly eroding the currency’s value, according to economists.

The local currency collapse has significantly impacted citizens in Aden and other southern provinces, who are struggling to meet their basic needs due to rising food and commodity prices.

In Sanaa, the exchange rates were not affected by any variables, as the Central Bank in Sanaa set currency rates on Wednesday, 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