News - Yemen: Exchange rates in Aden and other regions under Saudi-Emirati control in Southern Yemen have witnessed further deterioration, exacerbating the economic crisis.

Banking sources in Aden reported the exchange rate for one US dollar has reached 1662 Yemeni riyals, and there are concerns that the local currency may continue to decline in the coming days.

The sources highlighted an anticipated significant increase in the prices of food and essential commodities in the coming days. The failure of the Chamber of Commerce in Aden to reach an understanding with the Saudi-backed government on urgent measures to stabilize the local currency is contributing to these concerns.

Aden's Chamber of Commerce emphasized the economic downturn's severe consequences, leading to numerous economic and social disasters in Aden and other occupied areas.

Sources attribute the surge in foreign currency prices to the failure of the Saudi-backed government to implement necessary economic measures to stabilize the local currency's value. This failure is linked to the printing of nearly 6 trillion Yemeni rials without adequate cash cover in recent years.

The economic collapse has severely impacted the living conditions of citizens in Aden and other southern provinces, reaching a point where the government is unable to fulfill its obligation to pay teachers' salaries for the last month in Aden. This dire situation highlights the urgent need for comprehensive economic reforms and intervention to address the currency crisis and mitigate its repercussions on the population.