Yemeni riyal hits new low against foreign currencies in southern provinces

ADEN, Oct. 28 (YPA) – The local currency in Aden and Yemen’s southern and eastern provinces continued Monday to collapse against foreign currencies, which portends an economic disaster that will befall the areas controlled by the government loyal to the Saudi-led coalition.

According to banking sources, the US dollar price in Aden and southern and eastern Yemen provinces recorded 2,049 riyals, while the purchase price reached 2,036 riyals, and the Saudi riyal’s price exceeded the barrier of 535.

The Yemeni riyal’s collapse is attributed to economic mismanagement by the Saudi-led coalition government, which failed to implement necessary reforms, according to observers.

Economists see that the pro-coalition government’s printing of over 5 trillion and 320 billion Yemeni riyals without cover has led to inflation and eroded the currency’s value. This has significantly impacted citizens in Aden and other southern provinces, who are struggling to meet their basic needs due to rising food and commodity prices.

Meanwhile, the Central Bank in Sanaa has set currency rates, with the Saudi riyal to Yemeni riyal equal to 140 Yemeni riyals, the US dollar to Yemeni riyal equal to 530.50 Yemeni riyals, and the US dollar to Saudi riyal equal to 3.79 Saudi riyals.

YPA