US dollar opens July with slight decline in Aden

SANAA, July 01 (YPA) – The exchange rate of the dollar against the Yemeni riyal on Tuesday in Aden and the rest of the southern and eastern provinces was recorded at 2,735 riyals for sale and 2,720 riyals for purchase, while the Saudi riyal was 717 riyals for sale and 715 riyals for purchase.

Exchange rates witnessed a slight decline during the opening of July trading over the past 24 hours, with the dollar declining by about 7 riyals and the Saudi riyal declining by 2 riyals.

It is worth noting that last June witnessed a significant cumulative increase in exchange rates, exceeding 212 riyals to the dollar and more than 60 riyals to the Saudi riyal.

Observers attribute this decline in the value of the Yemeni riyal to the economic mismanagement of the Saudi-led coalition-backed government, which has been unable to implement any real reforms to halt the deteriorating living conditions that are burdening citizens.

As the economic crisis continues to worsen, economists expect the dollar exchange rate to soon exceed 3,000 riyals. They hold the Presidential Council government responsible for the deteriorating economic situation, its failure to manage monetary policy, and its role in promoting currency speculation.

YPA