Foreign Exchange Rates Soar in Yemen Leading to Economic Catastrophe
In a concerning turn of events, foreign currency exchange rates have continued to rise against the Yemeni riyal in Aden and other regions controlled by the Saudi-led coalition. The dollar exchange rate has surpassed 1,900 riyals, while the Saudi riyal is nearing 500 riyals, according to banking sources.
The rapid devaluation of the local currency in Aden is pointing towards an impending economic crisis, exacerbated by the coalition government’s failure to implement effective economic solutions. Economists attribute this crisis to the government’s reckless printing of approximately six trillion Yemeni riyals without proper backing, along with flawed financial policies.
On the brighter side, the Central Bank of Yemen has issued new guidelines for foreign exchange rates, setting the approved upper limit for selling major currencies:
Saudi riyal to Yemeni riyal = 140 Yemeni riyals
US dollar to Yemeni riyal = 530.50 Yemeni riyals
US dollar to Saudi riyal = 3.79 Saudi riyals
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