US dollar continues to rise in Aden, hitting record levels
SANAA Feb. 05 (YPA) – Aden and the southeastern provinces in Yemen witnessed on Wednesday an unprecedented state of the local currency collapse, as the dollar and foreign currencies have recorded great heights.
Banking sources in Aden reported on Wednesday that the exchange rate of the US dollar reached 2,249 Yemeni riyals for sale and 2,228 riyals for purchase, while the exchange rate of the Saudi riyal reached 588 riyals for sale and 584 riyals for purchase.
In just 24 hours, the dollar rose by 16 riyals and the Saudi riyal by 4 riyals, recording a total increase of 70 riyals for the dollar and about 20 riyals for the Saudi riyal during the week.
Observers have warned of the repercussions of the catastrophic collapse of the local currency, which is directly reflected in the living conditions of citizens in light of a parallel wave of price hikes. This situation puts Aden in front of a stifling economic crisis that may worsen further.
The observers attribute the economic collapse to the mismanagement of economic policies by the Saudi-led coalition-allied government, which failed to implement effective reforms to halt the worsening living conditions. They highlighted that the government had printed over 5.32 trillion Yemeni riyals without sufficient monetary backing, a move that significantly fueled inflation and devalued the national currency.
In Sanaa, exchange rates remained stable thanks to the financial and banking measures implemented by the Central Bank to ensure rate stability.
The bank issued a circular today, February 4, 2025, outlining the official foreign exchange rates as follows:
Saudi riyal to Yemeni riyal = 140 Yemeni riyals.
US dollar to Yemeni riyal = 530.50 Yemeni riyals.
US dollar to Saudi riyal = 3.79 Saudi riyals.
YPA