Yemen Monitor/ Aden/ Exclusive:
The Yemeni Rial witnessed an unprecedented decline against foreign currencies today, Saturday, in areas controlled by the legitimate government. This comes amidst government silence and a clear inability to halt the accelerating collapse of the national currency.
Banking sources confirmed that the exchange rate of the US dollar surpassed 2639 Yemeni Rials in Aden and several other government-controlled areas. Meanwhile, the Saudi Riyal reached 688 Rials for buying and 692 Rials for selling. Exchange rates have remained relatively stable in areas controlled by the Houthi group.
This deterioration occurs amidst warnings from economic experts and observers who anticipate continued decline in the coming weeks, suggesting the dollar could exceed 3000 Rials within 30 days if the government and the Central Bank in Aden remain passive.
Bankers have held the government responsible for this collapse, asserting that it has not only failed to intervene but has “raised the white flag,” leaving the exchange market under the control of exchange companies and establishments. These entities are now effectively managing monetary policy, facing accusations of currency speculation.
