Yemeni riyal drops significantly against foreign currencies

SANAA, Nov. 18 (YPA) – The Yemeni riyal fell on Monday before the exchange rates of foreign currencies in the local financial markets to reach 582 riyals per dollar, two weeks after the signing of Riyadh agreement between factions loyal to the occupying countries.

Banking sources attributed the instability of the Yemeni riyal to arbitrary decisions recently taken by former governor of Aden central bank Hafedh Meayad and the ongoing conflict between militias loyal to Saudi Arabia and the UAE in the occupied province of Aden.

The sources explained that those measures have increased the sharp inflation in the Yemeni economy, which collapsed due to the restriction of foreign imports and the movement of goods internally between the governorates and externally to and from Yemen, and as a result of the war and siege, as well as flooding the Yemeni market with banknotes printed in Russia without financial cover.

YPA