Yemeni riyal continues to slide against foreign currencies

YemenExtra

SH.A.

The Yemeni riyal has continued to slide against foreign currencies over this month, according to banking sources on Sunday.

The sources said that a dollar now worth 569 riyals on official markets due to the war and economic siege imposed by Saudi-led coalition on Yemen since 2015.

The collapse crisis came after the recent arbitrary measures taken by the Saudi-appointed governor of the Central Bank of Aden occupied city Hafez Muayad to transfer companies and stop dealing with institutions and exchange companies licensed from the capital Sanaa.

On Friday, the Association of Yemeni Banks and Cashiers said in a statement that measures would directly target the humanitarian work and negatively increase living conditions on citizens.

The cessation of oil exports, and targeting economic facilities are among the factors contributing to the collapse of the rial, which caused increasing food and fuel prices and suffering of the Yemenis, the sources added.

Source: YPA