Sharp decline in exchange rates exposes crisis within Aden Bank, amid demands for officials to be held accountable

ADEN, July 14 (YPA) – The local currency, the riyal, is witnessing a rapid collapse in Aden and the southern and eastern provinces, with foreign currency prices rising.

The Southern Money Changers Syndicate, in a statement issued on Monday, demanded the resignation of the leadership of the Bank of Aden and the accountability of those responsible for the economic deterioration.

Banking sources reported that the exchange rate for the dollar reached 2,865 Yemeni riyals for sale and 2,846 riyals for purchase, and the Saudi riyal reached 751 riyals for sale and 748 riyals for purchase, with a significant increase within 24 hours.

Since the beginning of July, the dollar has risen by 118 riyals and the Saudi riyal by 32 riyals, following significant increases in June.

Economists point to mismanagement by the government linked to the Saudi-led coalition as the primary cause, with the failure of economic reforms and the worsening living crisis.

The crisis has gone beyond the banking sector to become a threat to food and social stability, while warnings are escalating of a comprehensive economic catastrophe in light of government corruption and mismanagement.

On the other hand, exchange rates in Sanaa remained stable, unaffected by any significant changes, thanks to financial and banking measures implemented by the Central Bank to ensure currency stability.

Foreign exchange rates against the Yemeni riyal in Sanaa, according to the Central Bank circular, are as follows:

– Saudi riyal vs Yemeni riyal = 140 Yemeni riyals

– US dollar vs Yemeni riyal = 530.50 Yemeni riyals

– US dollar vs Saudi riyal = 3.79 Saudi riyals.

YPA