Dollar exceeds 2,800 riyal barrier in Aden amid economic catastrophe, political divisions

SANAA, July 09 (YPA) – The southern and eastern provinces are experiencing a severe economic crisis due to the collapse of the local currency.

The dollar exchange rate on Wednesday reached 2,804 Yemeni riyals for sale and 2,785 riyals for purchase, while the Saudi riyal exceeded 735 riyals for sale.

According to sources in Aden, the local currency hit a record low this week, with the dollar rising by more than 54 riyals and the Saudi riyal by 15 riyals.

Reports also indicated escalating disputes between the government loyal to the Saudi-led coalition, the UAE-backed Southern Transitional Council (STC), and the Presidential Council, amid mutual accusations of corruption and plundering of resources.

The prime minister declared the state bankrupt, citing an empty treasury, while leaks revealed that looted revenues from Aden exceed 300 billion riyals annually, deepening the economic crisis.

Last month, the exchange rate in Aden rose by more than 212 riyals to the dollar and 60 riyals to the Saudi riyal.

In Sanaa, exchange rates have remained stable thanks to the Central Bank’s measures. According to its definition, the exchange rates are:

1 Saudi Riyal = 140 Yemeni Riyals

1 US Dollar = 530.50 Yemeni Riyals

1 US Dollar = 3.79 Saudi Riyals.

YPA