Foreign currencies surge significantly as riyal collapses in Aden

ADEN, Jan. 12 (YPA) – The city of Aden and a number of southern and eastern provinces in Yemen witnessed a sharp rise in the prices of the dollar and foreign currencies, coinciding with a significant deterioration of the local currency, which heralds an unprecedented economic crisis.

 As of the latest exchange rate updates on Sunday, the US dollar in Aden exceeded 2,122 riyals, with the Saudi riyal rising to 555 riyals.

These rates reflect significant increases within just 24 hours—approximately 30 riyals per dollar and 6 riyals per Saudi riyal. Comparatively, last week saw even sharper hikes of about 51 riyals for the dollar and 13 riyals for the Saudi riyal. 

The collapse of the Yemeni riyal has spurred the Southern Money Changers Union to release a statement highlighting the gravity of the situation. The union stated that the riyal’s plunge to over 2,100 against the dollar persists despite announcements of a Saudi deposit, underlining an escalating crisis that is profoundly impacting citizens’ lives. 

The union also warned that if this trend continues, Yemen’s economic and social crises will only worsen.

It called on the “Presidential Leadership Council,” linked to the Saudi-led coalition, to take immediate action to stabilize the currency market and curb unregulated speculation that exacerbates the riyal’s decline.

Additionally, the union urged the formation of an independent oversight body to ensure effective implementation of monetary policies. 

In Sanaa, exchange rates have stabilized thanks to the measures taken by the Central Bank.

According to its circular issued today, Saturday, January 11, 2025, the rates were set as follows:

– Saudi Riyal: 140 Yemeni Riyals.

– US Dollar: 530.50 Yemeni Riyals.

– US Dollar to Saudi Riyal: 3.79 Saudi Riyals.

YPA