Foreign currencies continue their upward journey in southern, eastern Yemen

SANAA, July 05 (YPA) – Foreign currencies continue to rise in Aden and other southern and eastern provinces under the control of the government loyal to the Saudi-led coalition, while exchange rates remain stable in Sanaa and the provinces under the Supreme Political Council’s control.

The dollar exchange rate in Aden on Saturday reached 2,750 Yemeni riyals for sale and 2,735 riyals for purchase, while the Saudi riyal reached 721 riyals for sale and 719 riyals for purchase. Over the past few hours, the dollar has risen by 8 riyals and the Saudi riyal by 2 riyals.
Last month saw a cumulative increase in Aden of 212 riyals to the dollar and more than 60 riyals to the Saudi riyal.

Observers believe the riyal’s decline is due to the mismanagement of the pro-coalition government and its failure to implement economic reforms, which have negatively impacted living conditions.

Expectations indicate that the exchange rate could soon reach 3,000 riyals, citing the pro-coalition Leadership Council’s incompetence in managing the crisis or controlling monetary policy in southern and eastern provinces.

In Sanaa, exchange rates have remained stable and have not seen any significant changes, thanks to the financial and banking measures adopted by the Central Bank to maintain currency stability.

According to the Central Bank’s determination, foreign exchange rates against the Yemeni riyal remain as follows:
– Saudi riyal to Yemeni riyal exchange rate = 140 Yemeni riyals
– US dollar to Yemeni riyal exchange rate = 530.50 Yemeni riyals
– US dollar to Saudi riyal exchange rate = 3.79 Saudi riyals.

YPA