The Yemeni Riyal Hits Record Low Against Foreign Currencies
In a shocking development, the Yemeni riyal has plummeted to its lowest point in history against foreign currencies in Aden and other southern and eastern provinces. Banking sources have reported a significant increase in the US dollar price, reaching 2,041 Yemeni riyals when selling and 2,027 riyals when purchasing, marking a steep increase of 33 riyals in just two days.
Economists attribute this rapid decline to economic mismanagement by the Saudi-led coalition government, which has failed to implement necessary reforms to stabilize the economy. The reckless printing of over 5 trillion and 320 billion Yemeni riyals without proper backing has exacerbated inflation and devalued the currency.
The currency collapse has had a devastating impact on citizens, especially in Aden and other southern provinces, where rising food and commodity prices have made it difficult to meet basic needs. However, the exchange rates in Sanaa have remained stable, providing a slight reprieve for some.
The future of the Yemeni riyal remains uncertain as the economic crisis continues to unfold.