Dollar’s rapid rise in Aden heralds unprecedented economic disaster

SANAA, Jan. 11 (YPA) – Foreign exchange rates continue to rise significantly amid a major collapse of the local currency in the city of Aden and the southern and eastern regions of Yemen.

On Saturday, the exchange rate of the US dollar reached 2,096 riyals for sale and 2,086 riyals for purchase, while the Saudi riyal reached 549 riyals for sale and 548 riyals for purchase, recording an increase within a week of 21 riyals to the dollar and 7 riyals to the Saudi riyal.

This accelerating collapse portends an unprecedented economic catastrophe as the Saudi-led coalition-backed government continues to be unable to implement effective economic reforms, according to economists.

The crisis directly affected the lives of citizens in Aden and other areas under the control of the coalition, as their suffering increased in providing their basic needs as the prices of goods continued to rise.

Economists believe that the government’s printing of approximately 6 trillion riyals without a monetary cover between 2016 and 2021 and its incorrect financial policies were among the most prominent causes of the crisis, which led to a worsening of the economic conditions and pushed the country towards famine.

In Sanaa, exchange rates have stabilized thanks to the measures taken by the Central Bank.

According to its circular issued today, Saturday, January 11, 2025, the rates were set as follows:

– Saudi Riyal: 140 Yemeni Riyals.

– US Dollar: 530.50 Yemeni Riyals.

– US Dollar to Saudi Riyal: 3.79 Saudi Riyals.

YPA