Yemeni riyal significantly collapses against foreign currencies in Aden
SANAA, Nov. 24 (YPA) – The local currency, Yemeni riyal, collapsed significantly against foreign currencies in Aden and the southeastern provinces of Yemen on Saturday.
Banking sources in Aden reported that the exchange rate of the US dollar in Aden recorded this evening 2,077 Yemeni riyals when selling, while it reached 2,068 riyals when buying.
According to the sources, the Saudi riyal exchange rate exceeded 543 riyals for sale and 538 riyals for purchase.
Observers attribute the reasons for this collapse of local currency to economic mismanagement by the government loyal to the Saudi-led coalition, which failed to implement any economic reforms to stop the deterioration in living conditions that is killing citizens.
The local currency collapse has significantly impacted citizens in Aden and other southern and eastern Yemeni provinces, who are struggling to meet their basic needs due to rising food commodity prices.
In Sanaa, the Central Bank implemented financial and banking measures to maintain exchange rate stability, ensuring no variables impacted the rate.
The bank set foreign exchange rates in a daily circular 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