Yemen Monitor/Reuters:
An informed source told Reuters that Saudi Arabia will provide economic support to the Yemeni government worth 1.38 billion riyals ($367.97 million).
The source added that the new grant will be provided through the Saudi Program for the Development and Reconstruction of Yemen, with the aim of supporting the Yemeni government’s budget.
The announcement comes as the Yemeni riyal continues to improve for the third consecutive month. The exchange rate for the Saudi riyal reached 400 riyals for purchase and 480 riyals for sale, while the US dollar recorded 1,615 riyals for purchase and 1,631 riyals for sale. The riyal saw a sudden improvement on Tuesday evening, as the dollar’s price dropped to 2,720 riyals after being 2,838 riyals in morning trading.
This improvement is due to measures taken by the Central Bank of Yemen, including suspending the licenses of more than 37 violating exchange companies and establishments, along with parallel government steps to boost revenues and control the budget.
In Aden and several other liberated provinces, supervisory committees, supported by public security forces, were deployed to inspect and control prices, and hundreds of violating merchants were apprehended. In the same context, the offices of Industry and Trade approved new price lists for food and essential supplies, in line with the rapid improvement in the Yemeni riyal’s exchange rate.
