Foreign exchange rates continue to rise against riyal in Aden

SANAA, June 26 (YPA) – Foreign exchange rates in Aden and southern and eastern Yemen have seen a new rise against the local currency, the Yemeni riyal, after a slight decline for less than 24 hours.

The dollar’s exchange rate against the riyal reached 2,758 Yemeni riyals for sale and 2,731 riyals for purchase, while the Saudi riyal’s rate reached 723 riyals for sale and 718 riyals for purchase.

Since June, the dollar’s exchange rate has increased by over 212 riyals, while the Saudi riyal has risen by over 60 riyals.

The main reason for the rapid decline is the economic mismanagement of the Saudi-led coalition-backed government, which has failed to implement radical reforms to mitigate the crisis.

In Sanaa, exchange rates remained unaffected by any changes, thanks to financial and banking measures implemented by the Central Bank to maintain their stability. According to a Sanaa Bank circular published Thursday, the foreign exchange rates were 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 to the dollar.

YPA