Yemen’s Local Currency Facing Instability: A Closer Look
In recent news, the local currency in Aden and other southern and eastern provinces of Yemen is experiencing instability as it rapidly collapses against foreign currencies. Banking sources in Aden have reported a significant increase in the US dollar price, reaching 2,029 riyals when selling and 2,018 riyals when purchasing, within just 48 hours.
Various factors, including economic mismanagement by the government loyal to the Saudi-led coalition, have been attributed to the ongoing collapse of the Yemeni riyal. The coalition government’s excessive printing of currency without cover has led to economic collapse, exacerbating inflation and eroding the currency’s value significantly.
This currency collapse has had a profound impact on citizens in Aden and other provinces, as they struggle to afford basic necessities with rising food and commodity prices. In contrast, Sanaa has maintained stable exchange rates, with the Central Bank setting currency rates as Saudi riyal to Yemeni riyal = 140 Yemeni riyals, US dollar to Yemeni riyal = 530.50 Yemeni riyals, and US dollar to Saudi riyal = 3.79 Saudi riyals.
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