The US dollar was being sold in Aden city, southern Yemen, at a ridiculous price against the local currency there on Tuesday, causing angry popular protests taking place in the city for the third day in a row, banking sources said.
The sources reported that the selling price of the US dollar in Aden reached 1,705 riyals, while the selling price of the Saudi riyal approached 450 riyals due to the economic deterioration without any significant reforms from the government affiliated with the Saudi-led coalition.
The sources attributed the increase in the exchange rates of foreign currencies in Aden and the rest of the southern provinces under the control of the coalition, to the government’s flooding the market with printed currencies without cash cover. Over 5.3 trillion Yemeni riyal has been printed during the past years without any financial revenues in hard currency to the Central Bank of Aden.
Meanwhile, the exchange rate of the dollar in Sana’a and the provinces under the control of the Supreme Political Council remained stable at 530 riyals, while the Saudi riyal has a values of only 139.7 Yemeni riyals.
