Aden (South24) 

Today, the exchange rate of the US dollar in black markets in areas controlled by the internationally recognized Yemeni government reached 1953 for buying, and 1965 for selling, which is the lowest historical value for the currency that began trading in 1990 after the Yemeni unity.

At the beginning of 2024, the exchange rate of the US dollar was about 1584 for buying, and 1594 for selling, and this value continued to decline. Today, the Yemeni riyal has lost 23% of its value compared to its value last January.

Over ten years, the value of the Yemeni riyal has declined by more than 800% against the US dollar, as the dollar exchange rate was about 214 riyals.

In the past weeks, food prices have risen in the markets in parallel to the decline in the value of the Yemeni riyal to record levels. This situation threatens to push millions of Yemenis into hunger and extreme poverty.

Although the exchange rates of Yemeni riyal has been stable in Houthi-controlled areas for years, with the US dollar trading at 533 riyals for buying and 535 for selling, the humanitarian situation is dire across the country.

Despite the collapse of the local currency and the unprecedented rise in food prices, government employees’ salaries are still paid at the same rate as before the war. A teacher’s salary is at best $50 per month.

The Yemeni government holds the Houthis responsible for the country’s economic collapse after halting crude oil exports from South Yemen since October 2022, when the Houthis attacked oil ports in Hadramout and Shabwa using drones.