Dollar hits historic high; exchange rates spiral out of control in Aden

SANAA, July 10 (YPA) – The US dollar rose sharply on Thursday, reaching 2,826 Yemeni riyals in Aden and the southern and eastern provinces, which are facing a collapse in the local currency.

Banking sources reported that the exchange rate reached 2,826 riyals for sale and 2,808 riyals for purchase per dollar, while the Saudi riyal recorded 741 riyals for sale and 738 riyals for purchase, a daily increase of 22 riyals per dollar and 6 riyals per Saudi riyal.

The local currency has deteriorated rapidly since the beginning of the week, with the dollar rising by more than 76 riyals and the Saudi riyal by about 22 riyals. During June, exchange rates reached record highs, exceeding 212 riyals per dollar and 60 riyals per Saudi riyal.

Economic experts expect the dollar to reach 3,000 riyals soon, placing the blame on the Presidential Leadership Council government loyal to the Saudi-led coalition for its failure to manage monetary policy and the escalation of currency speculation.

Observers have warned that the exchange rate crisis is threatening the stability of citizens’ lives and food security amid ongoing corruption, mismanagement, and the plundering of state resources. The situation may be heading towards a comprehensive economic disaster.

In Sanaa, exchange rates have remained stable thanks to the Central Bank’s measures. Current rates, as determined by the bank, are:

– Saudi Riyal = 140 Yemeni Riyals

– US Dollar = 530.50 Yemeni Riyals

– Dollar = 3.79 Saudi Riyals to the Saudi Riyal.

YPA