Dollar hits record high in Aden as economic situation spirals out of control

SANAA, July 18 (YPA) – The sharp decline in the value of the national currency and the continued rise of the dollar to unprecedented levels have revealed the depth of the economic and banking crisis, which has worsened beyond control, particularly in the city of Aden and the southern and eastern provinces under the control of the Saudi-led coalition-backed government.

According to banking sources in Aden, the exchange rate of the US dollar on Friday was 2,914Yemeni riyals for sale and 2,895 riyals for purchase, while the exchange rate of the Saudi riyal was 764 riyals for sale and 761 riyals for purchase.

In the same vein, the Southern Money Changers Syndicate earlier this week called for the resignation of the leadership of the Central Bank in Aden, holding the bank’s management fully responsible for the continued collapse of the national currency’s value against foreign currencies.

Earlier this month, economists predicted that the exchange rate in Aden would reach 3,000 riyals in the near future. They pointed out that the pro-coalition government bears responsibility for the economic deterioration, the failure to manage the crisis and monetary policy, and its role in promoting currency speculation.

On the other hand, observers believe that the exchange rate crisis in Aden is no longer merely a banking issue, but has transformed into a social and humanitarian crisis directly impacting the livelihood stability and food security of millions of citizens.

They warned of a comprehensive economic collapse, especially in light of the absence of effective monetary policies by the pro-coalition government, which faces accusations of corruption, mismanagement, and plundering the country’s resources.

Exchange rate stability in Sanaa

In Sanaa, exchange rates have remained stable thanks to the Central Bank’s measures. Foreign exchange rates against the Yemeni riyal are set as follows:

– Saudi riyal = 140 Yemeni riyals

– US dollar = 530.50 Yemeni riyals

– US dollar = 3.79 Saudi riyals.

YPA