Central Bank of Aden takes emergency measures as Yemeni riyal value plummets

Central Bank of Aden takes emergency measures as Yemeni riyal value plummets

The Central Bank in Aden, southern Yemen, has on Wednesday directed the Money Exchange Association to close all exchange shops, starting Thursday.

The move comes after the recent rapid collapse of the Yemeni riyal value compared to foreign currencies.

Informed sources said that the decision is an attempt by the bank to save the currency, after it collapsed again in light of the complete inability of the Saudi-backed Hadi’s government to address the financial situation.

It is noteworthy that the dollar exchange rate crossed the 800 riyal barrier per dollar during the past hours.