NYN | News
Provinces under the control of Yemen’s internationally recognized government are witnessing a rapid deterioration in exchange rates amid the sharp collapse of the local currency, with the U.S. dollar surpassing the 2,500-riyal mark—directly eroding citizens’ purchasing power at unprecedented levels.
According to the latest updates on Thursday, the exchange rate in the city of Aden reached 2,506 riyals per dollar for selling, and 2,488 for buying. The Saudi riyal was being sold at 657 and bought at 654, marking an increase in just 24 hours of 8 riyals for the dollar and 2 riyals for the Saudi currency.
The dollar has continued to rise since the beginning of April, with a total increase of around 200 riyals, while the Saudi riyal has surged by over 50 riyals during the same period.
Economic observers have warned of an imminent disaster in Aden due to ongoing monetary instability and the continued devaluation of the rial. These developments are compounding the severe living conditions for citizens already grappling with poverty and social decline, amid widespread corruption within the coalition-aligned government.
In response, economic experts have called for the dismissal of Prime Minister Ahmed Awad bin Mubarak’s government and the formation of a national technocratic administration tasked with urgently addressing the economic crisis. Proposed measures include unifying monetary policy with Sana’a, adopting strict austerity plans, combating corruption, and activating oversight and accountability institutions.
