Yemeni riyal records lowest level against foreign currencies in Aden

SANAA, Oct. 24 (YPA) – The Yemeni riyal continued on Thursday to fall dramatically against foreign currencies in Aden and Yemen’s southern and eastern provinces, hitting the lowest record in its history.

Banking sources in Aden reported a significant increase in the US dollar price in Aden and Yemen’s southern and eastern, reaching 2,041 riyals when selling and 2,027 riyals when purchasing, with an increase of 33 riyals within two days.

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