The Economic Crisis in Yemen: Exchange Rates Soaring in Aden and Southern Provinces
In recent reports coming out of Aden and other southern and eastern provinces of Yemen, foreign exchange rates are hitting record highs against the local currency.
Banking sources have revealed that the US dollar has surged to 1,962 Yemeni riyals, with the purchase price climbing to 1,950 riyals. This significant increase is attributed to the economic mismanagement by the coalition government.
Other foreign currencies, like the Saudi riyal, have also witnessed a spike, with rates surpassing 513 riyals for sale and 511 riyals for purchase.
The collapse of Yemen’s economy is further exacerbated by the government’s printing of billions of riyals without adequate cash cover, leading to inflation and devaluation of the currency.
Despite the turmoil, exchange rates in Sanaa remain stable under the Central Bank’s unification policy, maintaining set maximum limits for selling major currencies.
Yemenis continue to face economic hardships as the currency crisis deepens.