NYN | News
Areas under the control of Yemen’s internationally recognized government—especially the city of Aden—are witnessing a sharp and unexpected drop in the exchange rates of foreign currencies against the Yemeni rial. The sudden shift has prompted many exchange companies and money changers to halt buying and selling operations, amid widespread confusion in the financial market.
Local sources reported that several exchange shops in the capital, Aden, stopped trading in foreign currencies such as the Saudi riyal and the US dollar as of Thursday morning. The move disrupted financial transactions and led to a near-total freeze in cash activity.
Traders explained that the halt was due to the steep and sudden depreciation in exchange rates. The Saudi riyal was recorded between 570 and 600 Yemeni rials, while the US dollar ranged between 2,168 and 2,289 rials.
Meanwhile, Al-Qutaybi Exchange Bank announced a new exchange rate for the Saudi riyal at 550 rials, meaning every 100 Saudi riyals would now equal 55,000 Yemeni rials.
Observers viewed the sharp decline as a reflection of uncertainty and confusion in the market, likely caused by unexpected actions from the Central Bank in Aden and earlier regulatory decisions that affected the flow of foreign currency.
In response, citizens have called on the Ministry of Industry and Trade to act swiftly to regulate the prices of essential goods and commodities, taking advantage of the dollar’s drop. They pointed out that prices soar rapidly when the dollar rises, but rarely decrease when it falls.
These developments come amid growing anticipation for broader government measures to stabilize the market and curb currency speculation, at a time when public pressure is mounting due to the worsening economic crisis and the declining purchasing power of citizens.
