Yemen Monitor – Newsroom:
The Yemeni Rial (YER) experienced an unprecedented collapse against foreign currencies today, Saturday, marking the worst decline in the country’s financial history. This comes amidst a suffocating economic crisis and the continued halt of oil exports since 2022.
Banking sources in Aden and Taiz informed “Yemen Monitor” that the US Dollar (USD) exchange rate reached 2,735 Yemeni Rials in today’s transactions, a first-of-its-kind drop since the crisis began. The Saudi Riyal (SAR) also surged to over 717 Yemeni Rials, another unprecedented event signaling mounting pressure on the national economy.
This collapse follows a continuous decline over approximately the past month. At the beginning of May, the dollar was trading at 2,600 Rials, compared to 215 Rials at the end of 2014, before the outbreak of the war and the escalation of monetary division.
Observers believe that the ongoing absence of sovereign revenues, primarily the halt of oil exports due to Houthi threats, in addition to the worsening political and economic crisis, is pushing the national currency towards a complete collapse unless urgent measures are taken to curb the deterioration.
