Central Bank in Sanaa sets new exchange rates
SANAA, Jan. 05 (YPA) – The Central Bank of Yemen in Sanaa issued a new circular on Sunday evening, setting the maximum ceiling for selling prices of major currencies in the local market.
According to the circular, the bank set the exchange rates as follows:
Saudi riyal: 140 Yemeni riyals.
US dollar: 530.50 Yemeni riyals.
US dollar against Saudi riyal: 3.79 Saudi riyals per dollar.
In Aden and the southern and eastern provinces of Yemen, exchange rates witnessed a significant rise on Sunday, with the US dollar exceeding 2,076 Yemeni riyals, while the Saudi riyal reached 543 Yemeni riyals.
This rapid deterioration of the local currency in Aden signals an unprecedented economic crisis. Economists in Yemen attribute this to the ongoing inability and failure of the government, backed by the Saudi-led coalition, to implement effective economic reforms and solutions.
The collapse has had a direct impact on the lives of citizens in Aden and other areas under coalition control. People are facing increasing difficulties in meeting their basic needs, especially as the costs of essential goods and food items continue to rise relentlessly.
YPA