Yemeni riyal records significant decline against foreign currencies in Aden

ADEN, Oct. 14 (YPA) – The Yemeni riyal witnessed on Monday an unprecedented sharp collapse against the foreign currencies in the city of Aden, which is under the control of the Saudi-led coalition in southern Yemen.

Banking data in the city showed that the selling price of the US dollar reached 2,000 riyals, while the purchase price reached 1,983 riyals, recording the highest increase in the history of Yemen.

This is not limited to the Yemeni riyal against the US dollar only but has extended to include other foreign currencies, as the price of the Saudi riyal exceeded the barrier of 523 Yemeni riyals for sale and 520 riyals for purchase.

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

YPA