Aden witnesses sharp rise in exchange rates, as economic situation is spiraling out of control
SANAA, June 12 (YPA) – The local currency in Aden and the southern and eastern governorates of Yemen has witnessed a significant decline against the US dollar and the Saudi riyal in recent hours.
In the latest exchange rate developments in Aden on Thursday, the US dollar reached 2,613 Yemeni riyals for sale and 2,595 riyals for purchase, while the Saudi riyal exceeded 685 riyals for sale and 682 riyals for purchase.
These figures reflect a significant increase in the space of 48 hours, with the dollar exchange rate rising by approximately 27 riyals, and the Saudi riyal exchange rate rising by approximately 10 riyals.
Activists from Aden and the southern regions under the control of the Saudi-led coalition government expect the exchange rate to rise to 3,000 Yemeni riyals to the US dollar, considering this part of a systematic policy of impoverishment.
The activists asserted that the leadership of the pro-coalition government, which they described as “mercenaries,” now relies entirely on the Saudi dollar deposit and other sums provided by Saudi Arabia. However, these sums are disbursed in Yemeni riyals after being converted from Saudi riyals through the central bank at the Saudi National Bank.
As the local currency continues to depreciate against the dollar and foreign currencies in Aden and the southern and eastern regions of Yemen, citizens are suffering from a steady rise in the prices of basic commodities and a deterioration in daily services.
This is compounded by the lack of effective government oversight of the markets. In addition, the government’s inability to pay salaries regularly, along with rising transportation costs and fuel prices, increases the pressure on affected Yemeni families and deepens the economic crisis that has plagued the region for years.
In contrast, the capital, Sanaa, is experiencing remarkable economic and financial stability, supported by strict monetary regulatory measures implemented to control foreign exchange rates. These measures are administered by the Central Bank of the Sanaa government.
In an official daily statement, the Central Bank in Sanaa clarifies the main approved exchange rates for the foreign exchange dealing unit, which are set 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
YPA