December 7, 2021
1 min read

Yemen’s riyal falls to lowest amid continued conflict

Yemen’s riyal fell to its lowest level against all other international currencies on Sunday, as the war-torn country’s years-long military conflict deepens…reports Asian Lite News

Yemen’s riyal sharply declined in the provinces controlled by the government despite the measures taken by the country’s central bank to curb the devaluation, Xinhua news agency quoted banking sources as saying.

Yemen’s riyal falls to lowest amid continued conflict

They said that the Yemeni riyal was recently traded at 1,703 for one US dollar in the southern port city of Aden and other neighbouring areas, marking the lowest exchange rate since the beginning of the civil war in 2015.

The recent unprecedented devaluation of Yemen’s currency forced all banks and exchange stores to suspend their operations and begin an open general strike in Aden.

According to a brief statement, the Yemeni banks considered that “the suspension is not a solution, but rather a protest, to lead the country’s government to move according to an economic system, including operating ports and exporting of oil and gas”.

Ahmed Bafaqih, the spokesman for the Central Bank of Yemen, told Xinhua that “there are many reasons that led to the decline in the exchange rate, the most important of which are the political and economic conditions that the country is going through”.

ALSO READ: Saudi-led coalition destroys factory in Yemen’s capital

He said that the speculation of some money changers and traders and the scarcity of cash also contributed to the current devaluation.

In 2017, the Yemeni government floated the national currency, a move that economic observers and analysts said was not well-studied a year after the relocation of the central bank to Aden.

The Yemeni economy is continuing to suffer after all exports were halted following a blockade on the country, which was part of a Saudi-led military intervention in March 2015.

Previous Story

Jordan sentences five people to 3 years for fatal oxygen supply failure

Next Story

Saif bin Zayed tours Vatican Pavilion at Expo 2020

Latest from Arab News

War on Children Worsens, Says UN

The new high surpassed 2023, another record year, which itself represented a 21 per cent increase over the preceding year….reports Asian Lite News Violence against children in conflict zones soared to record

Trump to Weigh Iran Action Soon

Trump approved attack plans on Iran on Tuesday night, but held off making a final decision…reports Asian Lite News US President Donald Trump will make a decision on whether he will order

G7 Sides with Israel in Escalating Conflict

The leaders said “Iran is the principal source of regional instability and terror.”…reports Asian Lite News Leaders of the G7 nations, meeting at a summit in Canada, issued a joint statement backing

Tehran Alert: India Asks Nationals to Evacuate

As the Israel-Iran conflict entered its fifth day, the hostilities between the two nations continued to escalate…reports Asian Lite News India has urged its nationals in Iran and Persons of Indian Origin(PIO)
Go toTop

Don't Miss

Sanad joined with MEPC for regional expansion

UAE-KSA collaboration will leverage Sanad’s and MEPC’s capabilities in providing

Lebanon and IMF to resume talks for int’l support

Lebanon remains fully committed to engaging in a constructive, transparent