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

GCCs Fuel India Reskilling

GCCs are expected to contribute 2 per cent of India’s GDP and generate 2.8 million jobs by 2030, according to the Association of Chartered Certified Accountants (ACCA) India’s reskilling market is witnessing

Egypt, Palestine PMs Discuss Gaza

Palestinian Prime Minister Mustafa highlighted that the Arab-Islamic peace plan stresses reconstruction of Gaza without displacement of its people Egyptian Prime Minister Mostafa Madbouly and his Palestinian counterpart Mohammad Mustafa met in

Pezeshkian’s Pak Pitch Begins

Pezeshkian’s visit marks the second time an Iranian president has visited Pakistan in less than two years Iranian President Masoud Pezeshkian arrived in Pakistan on Saturday for a two-day official visit, marking

India, Syria Eye Closer Ties

In addition to the meeting with the Syrian Foreign Minister, the Indian delegation also held discussions with Syrian Health Minister Musab Al-Ali on Monday….reports Asian Lite News An Indian delegation, currently on
Go toTop

Don't Miss

Armed forces sign Dh20bn deals

On the third day of the Dubai Airshow 2021, the

Jaguar and Baracuta join for ‘The New Classic Guide’

Two iconic British brands join forces in a European-wide cultural