Continued collapse of local currency in Aden deepens economic crisis

SANAA, Feb. 04 (YPA) – The city of Aden and the southeastern provinces of Yemen witnessed on Tuesday a dramatic collapse of the local currency, as the exchange rate of the US dollar reached a record level exceeding 2,233 Yemeni riyals.

According to banking sources in Aden, the dollar recorded an exchange rate of 2,233 riyals for sale and 2,224 riyals for purchase on Tuesday, while the Saudi riyal reached 584 riyals for sale and 583 riyals for purchase.

During this week, the dollar witnessed an increase of about 50 riyals compared to last week’s prices, while the exchange rate of the Saudi riyal increased by about 12 riyals.

Experts and observers warned that the continued deterioration of the exchange rate of the local currency will exacerbate the economic crisis and double the burdens on citizens, especially with the wave of simultaneous price increases that threaten to make Aden face an unprecedented economic crisis.

According to observers’ reports, the reasons for this economic collapse are due to the poor management of the economic file by the Saudi-led coalition-allied government, which failed to enact any effective reforms to stop the deterioration of living conditions. They also pointed out that the government had printed more than 5.32 trillion Yemeni riyals without cash cover, which contributed significantly to increasing inflation and declining the value of the national currency.

In Sanaa, exchange rates remained stable thanks to the financial and banking measures implemented by the Central Bank to ensure rate stability.

The bank issued a circular today, February 4, 2025, outlining the official foreign exchange rates 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 per dollar.

YPA