NYN | News
Warnings are escalating in the areas under internationally recognized government control of an unprecedented economic collapse, amidst the failure of official measures to curb the black market that controls the flow of foreign currencies. This has turned citizens’ suffering into record numbers that threaten the entire social stability.
Political and economic activist Ali Al-Nasi has warned that the exchange rate of the Saudi Riyal in the city of Aden could reach “astronomical” levels, amidst accusations that currency exchange networks are buying Saudi riyals from citizens at low prices, then secretly selling them for 655 Yemeni rials per riyal. He predicts that the price could exceed 1000 Yemeni rials before June if the situation remains unchanged.
In a post on social media platforms, Al-Nasi confirmed that the currency crisis in Aden has reached a dangerous stage, noting that money changers in the Crater area (the heart of Aden’s capital) are exploiting citizens’ need for foreign currency by buying Saudi riyals from them at low prices, then reselling them on the black market at inflated prices, which contributes to the rapid collapse of the Yemeni riyal’s value.
The areas under internationally recognized government control are witnessing a sharp deterioration in the economic situation and a weakening of citizens’ purchasing power, which warns of potential social chaos in the coming days.
