Southern Money Exchangers Syndicate warns of economic instability in Aden

ADEN, Oct. 11 (YPA) – The Southern Money Exchangers Syndicate in Aden city, under the control of Saudi-led coalition, has warned of economic instability in the city and other southern governorates due to a sharp and alarming rise in foreign currency prices.

The syndicate ” stated in a post on Facebook yesterday that the economic situation in Aden and the southern governorates has gone beyond the control of pro- coalition government and the Central Bank of Aden.

The statement noted that economic instability has “raised concerns among citizens and disrupted trade and economic activity.

It highlighted that the price of the Saudi riyal against the Yemeni riyal has exceeded 510 riyals, along with a significant increase in food prices.

The syndicate attributed the rise in foreign currency prices to speculators from exchange companies in Aden seeking foreign currency due to the lack of government intervention and effective oversight from the Central Bank.

As of Thursday, the selling price of the US dollar reached approximately 1,960 riyals, while the selling price of the Saudi riyal reached 515 riyals in the city of Aden.

The Yemeni riyal has experienced a severe decline after the pro-coalition government opted to print 5 trillion and 320 billion Yemeni riyals without adequate cash reserves.

This situation arose after the Central Bank of Yemen was relocated from Sanaa to Aden at the end of 2016, with no substantial economic reforms being enacted since then.

@E.Y.M