Monetary chaos turns into a life crisis in Aden
ADEN, May 31 (YPA) – The depreciation of the local currency crisis is escalating in Aden and the southern and eastern provinces of Yemen, amid continued sharp fluctuations in foreign exchange rates, particularly those of the US dollar and the Saudi riyal.
This is casting a heavy shadow over citizens’ living conditions and deepening poverty and food insecurity.
The US dollar recorded a selling price of 2,544 Yemeni riyals and a buying price of 2,530 riyals on Saturday, while the Saudi riyal exchange rate exceeded 667 riyals for selling and 665 riyals for buying, recording a state of instability between unstable declines and rises for nearly a month.
According to economic observers, the exchange rate has risen since early April to more than 285 riyals to the dollar and 70 riyals to the Saudi riyal, amid warnings of an imminent collapse that could lead to a complete economic catastrophe.
This is particularly true in light of the absence of effective monetary policies by the government loyal to the Saudi-led coalition, which is tainted by corruption, mismanagement, and the plundering of the country’s wealth.
Stifling livelihoods… Reeling markets
Citizens in Aden complain of rising prices for basic commodities and deteriorating services on a daily basis, with the majority losing their purchasing power and the lack of effective government oversight of the markets. This is compounded by the government’s persistent inability to regularly pay salaries and the rising costs of transportation and fuel, exacerbating the pressure on affected Yemeni families and the ongoing economic collapse in southern and eastern Yemen.
According to observers, the exchange rate crisis in Aden is no longer just a banking issue; it has transformed into a social and humanitarian dilemma, threatening the livelihood stability and food security of millions of citizens.
Complete stability of exchange rates in Sanaa
In contrast, the capital, Sanaa, has seen relative stability in foreign exchange rates, thanks to strict monetary regulatory measures imposed by the Central Bank under the control of the Sanaa government.
In an official circular, the Bank of Sanaa announces daily that the exchange rate of the dollar is fixed at 530.50 Yemeni riyals, the Saudi riyal at 140 riyals, and the US dollar at 3.79 Saudi riyals, emphasizing that exchange companies adhere to these rates.
YPA