Local currency continues to fall against foreign currencies in Aden

SANAA, July 22 (YPA) – The local currency continued on Monday to collapse in the city of Aden and the southern and eastern provinces of Yemen against foreign currencies.

In Aden, the dollar exchange rate exceeded 1,921 Yemeni riyals, and the Saudi riyal crossed the 500 Yemeni riyal barrier.

The rapid collapse of the local currency in Aden portends 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, according to economic experts.

Economists attribute this to the coalition government printing approximately 6 trillion Yemeni riyals without insurance cover between 2016 and 2021 and following a wrong financial policy that negatively affected the lives of citizens and led them to true famine.

YPA