In a shocking turn of events, the Yemeni riyal experienced a significant collapse against foreign currencies in Aden, under the control of the Saudi-led coalition. The US dollar reached an all-time high with a selling price of 2,000 riyals and a purchase price of 1,983 riyals. This disastrous trend extended to other currencies, with the Saudi riyal surpassing 523 riyals for sale and 520 riyals for purchase.
The ongoing devaluation of the Yemeni riyal can be attributed to economic mismanagement by the pro-coalition government. Failure to implement economic reforms has resulted in severe repercussions for citizens. Economists point to the government’s reckless printing of over 5 trillion and 320 billion Yemeni riyals without adequate cash cover from 2016 to 2021 as a key factor behind the currency’s rapid decline.
This crisis paints a grim picture of the economic and livelihood challenges faced by Yemenis. Immediate action is needed to address this situation and provide relief to the suffering population.
YPA
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