The Yemeni Riyal Continues its Collapse in Aden and Southern Regions
In the city of Aden and other southern and eastern regions controlled by the Saudi-led coalition, the Yemeni riyal is experiencing unprecedented levels of collapse against foreign currencies. According to banking sources in Aden, the US dollar reached 2,011 riyals for sale and 2,002 riyals for purchase, while the Saudi riyal surpassed 526 riyals for sale and 525 riyals for purchase.
The ongoing deterioration of the Yemeni riyal is attributed to economic mismanagement by the pro-coalition government, which failed to implement necessary reforms to prevent the worsening economic conditions that are impacting citizens’ livelihoods. Economists point to the government’s decision to print over 5 trillion and 320 billion Yemeni riyals without adequate backing, leading to inflation and a significant devaluation of the currency.
In contrast, exchange rates in Sanaa remain stable due to the Central Bank’s policy and regulations. The exchange rates stand at 140 Yemeni riyals to one Saudi riyal, 530.50 Yemeni riyals to one US dollar, and 3.79 Saudi riyals to one US dollar.
Despite various factors contributing to the Yemeni riyal’s collapse, it remains a pressing issue with significant implications on the country’s economy and its citizens.