Yemeni riyal records decline against foreign currencies in Aden

ADEN, Oct. 02 (YPA) – The Yemeni riyal witnessed an unprecedented collapse in the city of Aden, which is under the control of the Saudi-led coalition, where the price of the US dollar reached new record levels.

Banking data in the city showed that the selling price of the US dollar reached more than 1,935 riyals, while the purchase price reached 1,916 riyals, recording a noticeable increase of about 25 riyals compared to the previous day.The collapse is not limited to the US dollar only but has extended to include other foreign currencies, as the price of the Saudi riyal exceeded the barrier of 505 riyals for sale and 503 riyals for purchase, with an increase of about 10 riyals.

The continued catastrophic collapse of the Yemeni riyal is due to many reasons, including the economic mismanagement of the pro-coalition government, which failed to implement any economic reforms to stop this economic and livelihood deterioration that is harming citizens.

Economists attribute the loyal currency collapse to the government’s printing of more than 5 trillion and 320 billion Yemeni riyals without securing cover between 2016 and 2021, which led to the exacerbation of inflation and the significant erosion of the value of the currency.

The collapse of the local currency directly affected citizens in Aden and the rest of the southern provinces, who face difficulties in meeting their basic needs, especially with the continued rise in prices of basic food commodities.