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This page is the English version of Almasirah Media Network website and it focuses on delivering all leading News and developments in Yemen, the Middle East and the world. In the eara of misinformation imposed by the main stream media in the Middle East and abroad, Almasirah Media Network strives towards promoting knowledge, principle values and justice, among all societies and cultures in the world

US Dollar Surges Against Local Currency in Aden Following Saudi Announcement of $250 Million Transfer

News - Yemen: The exchange rate of the US dollar surged on Monday against the local currency in the city of Aden, which is under the control of the Saudi-led coalition, following Saudi Arabia's announcement of transferring $250 million to the Bank of Aden.

Banking sources reported that the selling price of the dollar rose to 1,628 riyals, marking an eight-riyal increase per dollar in less than 24 hours.

The Saudi riyal experienced a slight uptick, reaching 428 riyals in Aden, while the Yemeni riyal maintained its value against the dollar at 527 riyals in Sana'a, with 140 Yemeni riyals to the Saudi riyal.

Earlier in the day, the Bank of Aden announced the sale of $60 million at a public auction next Thursday, without implementing any economic reforms aimed at alleviating the citizens' suffering and improving their livelihoods.

Sources attributed the rise in foreign currency prices to the failure of the Saudi-backed government to take any economic measures to maintain the local currency's value due to the printing of nearly 6 trillion Yemeni rials without cash cover in recent years.

The economic collapse has significantly impacted the living conditions of citizens in Aden and other occupied southern provinces, leading to a situation where the Saudi-backed government is unable to pay teachers' salaries for the last month in Aden.

 

 

#Economic_Crisis #Saudi_Emirati_Occupation About 4 months
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This page is the English version of Almasirah Media Network website and it focuses on delivering all leading News and developments in Yemen, the Middle East and the world. In the eara of misinformation imposed by the main stream media in the Middle East and abroad, Almasirah Media Network strives towards promoting knowledge, principle values and justice, among all societies and cultures in the world

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