US dollar records new high level in Aden

SANAA, July 07 (YPA) – The local currency, the Yemeni riyal, in the city of Aden and the southern and eastern Yemeni provinces continued on Sunday to fall significantly against foreign currencies.

Banking sources in Aden stated that the exchange rate of the dollar reached 1,876 riyals, while the Saudi riyal exceeded 490 riyals.

According to economic experts in Yemen, the accelerating collapse of the local currency in Aden heralds an unprecedented economic catastrophe with the continuing failure and inability of the government loyal to the Saudi-led coalition to find significant economic solutions and reforms.

Economists in Yemen attribute the rapid collapse of the local currency in Aden to the pro-coalition government printing approximately six trillion Yemeni riyals without insurance cover between 2016 and 2021 and due to its wrong financial policy that negatively affected the lives of citizens.

In turn, the Central Bank of Yemen in Sanaa issued a new circular, which included the upper limit for the selling prices of major currencies as follows:

Saudi riyal to Yemeni riyal = 140 Yemeni riyals

US dollar to Yemeni riyal = 530.50 Yemeni riyals

US dollar to Saudi riyal = 3.79 Saudi riyals.

YPA