Yemeni riyal depreciates in value against U.S. dollar

News

Wed, 25-10-2023 06:18 PM, Aden

Aden (South24)

The value of the U.S. dollar surpassed 1,500 Yemeni riyals in the capital, Aden, amidst a sudden depreciation in value of the local currency, which is facing an unprecedented crisis unlike anything seen in years.

Banking sources in Aden told South24 Center that in today’s exchanges, the U.S. dollar was selling at 1,506 Yemeni riyals, while the purchase rate was 1,493 Yemeni riyals. Meanwhile, the Saudi riyal reached a selling price of 395 Yemeni riyals and buying price of 393.

In early October, the U.S. dollar was sold for 1,451 Yemeni riyals and bought for 1,424.

From April 2022 to May 2023, the U.S. dollar’s value stayed within the range of 1,100 to 1,200 Yemeni riyals. However, following Houthi drone strikes in Hadramout and Shabwa in October, and the subsequent halting of oil exports from government areas, the riyal began to depreciate.

Related: The Fourth Houthi Attack on South Yemen's Oil Ports

So far, these oil exports have not been resumed. Over the last year, the Yemeni government has received financial deposits from Saudi Arabia and the UAE, but they have not yet been made fully available for use by the Central Bank of Yemen in Aden.

Related: A Former Saudi Deposit Reaches the Central Bank of Yemen Account

Yemen is experiencing one of the worst humanitarian crises in the world as a result of the conflict that has extended for more than eight years. The crisis has caused widespread poverty and greatly increased the risk of famine.

Employee at an exchange store (local media)

Yemeni riyal depreciates in value against U.S. dollar