Yemen Monitor / Newsroom:
The Yemeni government announced that it has received financial support from the Kingdom of Saudi Arabia amounting to 1.38 billion Saudi riyals ($367.97 million), allocated to support the Yemeni people amid current economic challenges.
The government expressed its deep gratitude and appreciation to the Kingdom, under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, for this generous support and noble fraternal stance.
In an official statement, the government affirmed that this fraternal position reflects the depth of the historical relations and strong ties between the two countries and their brotherly peoples. It also underscores the Kingdom’s pioneering role in supporting Yemen and standing by its side throughout various stages and circumstances.
The statement added that this support will help alleviate humanitarian suffering and strengthen the government’s efforts in facing economic challenges, thereby supporting opportunities for stability and development and paving the way toward a secure and prosperous future.
The statement concluded by emphasizing that Yemen’s leadership, government, and people highly value this generous contribution and sincere fraternal stance from the Kingdom, considering it a natural extension of ongoing support and a clear indication of the shared destiny and brotherly relations between the two countries.
The announcement comes at a time when the Yemeni riyal continues to improve for the third consecutive month. The Saudi riyal is currently trading at 400 riyals for buying and 480 riyals for selling, while the U.S. dollar is recorded at 1,615 riyals for buying and 1,631 for selling. On Tuesday evening, the riyal had witnessed a sudden improvement, with the dollar dropping to 2,720 riyals compared to 2,838 in morning trading.
This improvement is attributed to measures taken by the Central Bank of Yemen, including the suspension of licenses for more than 37 non-compliant exchange companies and establishments, along with parallel government steps to boost revenues and tighten budget control.
Meanwhile, inspection committees have been deployed in Aden and other liberated governorates to monitor and regulate prices with the support of public security forces, leading to the apprehension of hundreds of violating merchants. In the same context, the offices of Industry and Trade approved new price lists for food and consumer goods in line with the rapid improvement of the Yemeni riyal’s exchange rate.
