US dollar surpasses 1,700 riyal barrier in Aden amid rapid collapse of local currency

SANAA, May 02 (YPA) – The local currency witnessed a rapid collapse against foreign currencies on Thursday in Aden and the southern and eastern Yemeni provinces, where the US dollar exchange rate exceeded the barrier of 1,700 riyals.

Banking sources revealed that the selling price of the dollar in the city of Aden reached 1,702 riyals and 1,692 riyals for purchasing, while the exchange rate of the Saudi riyal in Aden ranged between 446.5 and 447.3 Yemeni riyals.

The sources indicated that the exchange rate of the dollar in Sanaa and the provinces under the control of the Supreme Political Council remained stable at 531 riyals to the dollar and the Saudi riyal exchange rate at 140 Yemeni riyals.

Observers attribute the Yemeni riyal’s collapse in Aden to currency speculation and the purchase of foreign currencies by officials of the government loyal to the Saudi-led coalition and the UAE-backed southern transitional council leaders, which caused the collapse of the local currency and a significant rise in the prices of essential foodstuffs.

YPA