Yemeni riyal continues to fall in Aden amid soaring foreign currency prices

SANAA, Feb. 02 (YPA) – Aden and the southeastern provinces of Yemen are witnessing an unprecedented deterioration of the local currency, as the prices of the dollar and foreign currencies have risen sharply, with the dollar exchange rate approaching 2220 riyals.

In the latest developments in exchange rates today, Sunday, the selling price of the US dollar in Aden reached 2218 riyals, while its purchase price was recorded at 2208 riyals. As for the Saudi riyal, its selling price exceeded 580 riyals and reached 579 riyals when purchased.

Observers have warned of the repercussions of the continued instability of exchange rates on citizens, as the catastrophic collapse of the currency coincides with a wave of accelerating price increases, putting Aden in the face of a stifling economic disaster.

Observers indicated that this deterioration is due to the mismanagement of the Saudi-led coalition-affiliated government, which failed to implement economic reforms that would stop the accelerating deterioration. Matters also worsened with the government printing more than 5 trillion and 320 billion Yemeni riyals without any cash cover, which contributed to the exacerbation of inflation and the significant decline in the value of the currency.

In Sanaa, exchange rates have stabilized thanks to financial measures adopted by the Central Bank to maintain currency stability.

According to a circular issued by the bank today, the exchange 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