NYN | News
The Southern Currency Exchange Union revealed on Wednesday evening behind-the-scenes details of the ongoing collapse of the Yemeni rial against foreign currencies, warning of a new setback if the government fails to assert control over the market.
In an official statement, the union said that one of the main factors contributing to the currency’s deterioration over recent years is the “negative behavior” of several major exchange companies, which have turned into financial power centers engaging in speculation outside regulatory frameworks. These companies, the statement noted, have taken advantage of unjustified privileges and immunities, allowing them to achieve personal profits at the expense of economic stability and citizens’ livelihoods.
The union clarified that the recent sharp drop in foreign exchange rates was not random, as it appeared to the public, but rather the result of interference by the same actors responsible for previous currency collapses—highlighting the ongoing disorder in the monetary market.
The union warned that the continued absence of structural and fundamental reforms will lead the country into successive economic setbacks. It stressed that financial and monetary reform has become the only option to ensure currency stability and restore confidence in the banking system.
