US dollar continues to rise in Aden, hitting unprecedented records

ADEN, Feb. 03 (YPA) – Aden and the southeastern provinces of Yemen witnessed on Monday an unprecedented collapse of the local currency, coinciding with a significant rise in the dollar and foreign currencies, while exchange rates remain stable in Sanaa.

According to banking sources, the US dollar exchange rate exceeded 2,222 Yemeni riyals for sale and 2212 riyals for purchase, while the Saudi riyal exchange rate reached 581 riyals for sale and 580 riyals for purchase.

Observers indicated that this deterioration is due to the mismanagement of the Saudi-led coalition-affiliated government, which failed to implement economic reforms that would stop the accelerating deterioration. Matters also worsened with the government printing more than 5 trillion and 320 billion Yemeni riyals without any cash cover, which contributed to the exacerbation of inflation and the significant decline in the value of the currency.

In Sanaa, exchange rates have shown stability following the implementation of financial measures introduced by the Central Bank to support currency steadiness. As outlined in a circular released by the bank today, the exchange rates are as follows:

– Saudi Riyal: 140 Yemeni Riyals.

– US Dollar: 530.50 Yemeni Riyals.

– US Dollar to Saudi Riyal: 3.79 Saudi Riyals.

YPA