The Yemeni riyal has reached an all-time low of almost 1,700 riyals to the dollar. Since 1 December, demand for foreign currencies (mainly the US dollar and the Saudi riyal) has been growing among citizens and traders, which has led to a severe lack of liquidity in the market.
In this context, the Central Bank of Yemen said it sold $15 million to commercial and Islamic banks in an online auction.
Experts said that “the Central Bank’s interventions have increased the depreciation of the Yemeni riyal, which now threatens economic collapse and an uprising in Aden and several southern cities.”
Experts said “the impotence of the Saudi-backed Yemeni government in the face of economic and financial collapse, which is more dangerous than acts of war and conflict, portends disastrous consequences for the country.”
Yemen is facing an unprecedented humanitarian crisis that has been ongoing since the war broke out seven years ago.
#Yemen #Riyal #Decrease
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