Yemen Monitor/Newsroom:
Economic expert Wafiq Saleh pointed out that the exchange rate of the Yemeni Rial is heading towards a continuous decline, outside the framework of market policies and supply and demand mechanisms.
He clarified that this decrease is not linked to genuine economic reasons, but rather has become a means for some individuals to deepen the suffering of the Yemeni people and achieve personal gains at the expense of the public interest.
In a related context, he reported that the Central Bank of Yemen in Aden sold $15.8 million out of $30 million during the electronic auction, while the price of one dollar exceeded 2,500 rials in the local market.
Saleh warned that each auction leads to a new decline in the value of the local currency, questioning how long these practices and the monetary authorities’ insistence on failure will continue.
He also added that one of the priorities of global central banks is to achieve price stability and combat inflation, but the situation in Yemen indicates that every crisis and suffering of citizens is linked to the government’s failed and deliberate policies.
