NYN | News
The exchange rates in areas under the control of the internationally recognized Yemeni government continue to skyrocket, turning the daily lives of citizens into an open hell. This is happening amid the absence of any government actions to contain the crisis, which has drained purchasing power and pushed millions of families to the brink of collapse.
Recent data has revealed the catastrophic gap between the exchange rates in the capital Sana’a (under Houthi control) and the city of Aden (the seat of the internationally recognized government). In Aden, exchange rates are more than four times higher than in Sana’a, according to the following figures:
- In Sana’a:
- Dollar buying price: 534 Yemeni riyals.
- Saudi riyal buying price: 139.8 Yemeni riyals.
- Selling price: 537 Yemeni riyals for the dollar, 140.2 Yemeni riyals for the Saudi riyal.
- In Aden:
- Dollar buying price: 2327 Yemeni riyals.
- Saudi riyal buying price: 610 Yemeni riyals.
- Selling price: 2352 Yemeni riyals for the dollar, 610 Yemeni riyals for the Saudi riyal.
This shocking disparity has led to an unprecedented collapse in the value of the local currency, where citizens in Aden are forced to pay astronomical amounts for even the most basic goods. For instance, the price of a single egg has exceeded 300 riyals, while dozens of goods have disappeared from the markets due to traders’ inability to supply them at stable prices.
Despite the rise in public protests, the Aden government has not announced any emergency plans to stop the economic hemorrhage. Economic analyses suggest that financial corruption and the absence of oversight have contributed to the spread of a “currency mafia” that controls prices according to its own interests, while citizens suffer under unclear policies.
