Severe exchange foreign currency crisis hits Aden

ADEN, Feb. 14 (YPA) – Exchange companies and shops in Aden abruptly halted buying and selling of foreign currencies on Saturday, coinciding with the widespread emergence of the black market throughout the city.

 

Informed banking sources reported that this halt followed the sudden drop in the Saudi riyal’s value last Thursday, with the official rate settling at 410 riyals for buying and 413 Yemeni riyals for selling, while the government of Shayea al-Zindani remained in Riyadh.

 

The sources confirmed that citizens were unable to purchase at the official rate due to exchange shops refusing to sell, thus paving the way for the emergence of the black market, which imposed different rates reaching 400 Yemeni riyals for buying and 405 riyals for selling.

 

The exchange market in Aden witnessed a state of extreme confusion amidst a continuous decline in prices, countered by the ban on currency trading in official companies.

 

This raised concerns among citizens about the impact of this uncertainty on food prices, especially with the approach of the holy month of Ramadan, and in light of a deteriorating living situation that burdens families in the city.

 

Consequently, questions remain on the streets of Aden: Will the Saudi-backed authorities intervene to control the chaos of the black market and unify prices?, or will the citizen remain a victim of the conflict between exchange screens and the reality of the parallel?