Yemeni riyal recovering against foreign currencies

SANAA, Oct. 9 (YPA) – Yemeni riyal recovered part of its recovery on Wednesday after falling significantly against foreign exchange rates in local financial markets to stop at 611 riyals per dollar.

Banking sources attributed the riyal’s decline to the ongoing differences between leaders of Aden’s central bank and the conflict between militias loyal to Saudi Arabia and the UAE in the occupied province of Aden.

According to the sources, the arbitrary decisions recently taken by former governor of Aden central bank Hafedh Meayad to stop dealing with institutions and exchange companies licensed from the Central Bank in Sanaa, which represent 85% of the total banking sector, have further exacerbated the economic situation and caused the collapse of the currency.

It became certain that Meayad was running an agenda of Saudi-led coalition countries in their economic war on Yemen, the sources added.

YPA