Pro-coalition government in Aden moves toward adopting Saudi riyal in southern provinces

ADEN, Feb. 11 (YPA) – The government loyal to Saudi-led coalition is moving towards adopting the Saudi riyal as the primary currency for circulation in Aden and other southern provinces, replacing the Yemeni riyal.

This decision is being justified as an attempt to curb the ongoing collapse of the local currency.

This shift comes amid a severe economic downturn and continuous depreciation of the Yemeni riyal, which is nearing 2,300 riyals per dollar in Aden and other coalition-held areas.

Economic observers have deemed this move as the “final nail in the coffin” for the Yemeni riyal in these regions, seeing it as an escape from the government’s failed economic policies and a cover-up for its corruption over the past years.

These observers believe that the pro-coalition government’s actions reflect a desire to relinquish what remains of the Yemeni riyal’s symbolic value in these areas.

They pointed out that the economic collapse in these regions is a direct result of mismanagement of monetary policies and widespread corruption.

It is noteworthy that between 2016 and 2021, the pro-coalition government printed nearly 5.32 trillion Yemeni riyals without any real cover, following the transfer of the Central Bank of Yemen’s administration from Sanaa to Aden by the coalition.

These revelations have sparked widespread debate about the future of the Yemeni economy in these areas and raised concerns over citizens’ ability to afford basic goods with the Saudi riyal amid the worsening financial crisis.

@E.Y.M