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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

Economic Disaster Looms in Southern Yemen as Currency Plummets and Prices Soar

News - Yemen: Reuters agency reported that Southern Yemen which is under the control of the US-Saudi-Emirati mercenaries are facing the risk of an economic disaster and famine, due to the collapse of the value of the local currency there, and the large rise in prices.

This reiterates the failure of the Saudi mercenaries in managing those areas despite the continuous support provided to them by the aggression countries.

Reuters reported on Sunday evening that traders and money exchange companies said that the value of the Yemeni riyal there has recorded a significant decline against the dollar and foreign currencies, where the dollar rate has exceeded the threshold of 1720 riyals, recording the lowest level of the local currency in the Southern occupied governorates in about two years, according to the agency.

The report added that this comes "amid an unprecedented wave of high prices and a rise in food prices; which portends an economic disaster and famine that international and local organizations had previously warned of".

According to Reuters, this "coincides with a suffocating electricity crisis that is exhausting the population in Aden and the neighboring governorates with the arrival of the summer season and temperatures exceeding 36 degrees Celsius".

The agency explained that the auctions for the sale of foreign currency to commercial banks conducted by the Central Bank in Aden failed to stop the deterioration of the currency.

It also pointed out that "the collapse of the value of the local currency comes days after the Central Bank in Aden obtaining two installments of the economic support announced by Saudi Arabia", indicating the lack of impact of the Saudi support provided to the mercenaries and the deposits that come under the banner of preserving currency stability.

Reuters quoted a money exchange office in occupied Aden as saying that "the exchange rate in the parallel black market transactions on Sunday evening exceeded the barrier of 1720 riyals for purchase and 1730 riyals for sale, with a difference of 70 riyals from the exchange rate a week ago and 120 riyals a month ago".

It explained that this is the lowest value recorded by the local currency since the announcement of the formation of the so-called Presidential Leadership Council in April 2022.

The report indicated that the government of the mercenaries "suffers from a decline in the currency value, a shortage of foreign exchange reserves, and rising prices" despite the cessation of military operations, pointing to the falsehood of all the propaganda propagated by the mercenaries about the causes of the economic deterioration in the areas under their control.

The Reuters report confirmed that the exchange rates of the riyal in governorates under Sanaa’s control remain stable at 530 riyals per dollar".

Reuters quoted researchers and economic experts as saying that "the continuation of the situation as it is will increase the deterioration of the value of the riyal (in the areas under the control of the mercenaries) against foreign currencies".

The report also conveyed the testimonies of citizens in the areas under the control of the mercenaries about the difficult living conditions they are facing, where a government employee in Aden, called Abu Ahmed, holding a handful of banknotes, said: "This 50,000 riyals was enough to buy a 10 kg bag of sugar, a 10 kg bag of rice, a carton of tomatoes and baby milk and other things for me and my children to eat, but now this amount is only enough for a bag of rice and a kilo of sugar" in reference to the large increase in food prices.

He added: "Our children are hungry, and we are hungry. The decline in the value of the riyal has killed us, and we have become unable to provide the basic necessities of life, and the power outage has killed our nerves and souls."

The citizen Bassam Ali Omar, who is also a government employee, told Reuters that "the citizen has become suffering the worst between the deterioration of services, the collapse of the currency, and the deterioration of the economic and living conditions."

This data refutes all the false propaganda that the enemy's media and mercenaries are trying to spread to cover up the living and economic disaster facing the residents of the occupied areas. 

The mercenaries claim that prices in their areas are not high for those dealing in foreign currency, which is a laughable fallacy, as citizens do not deal in foreign currency but in the local currency printed by the pro-aggression government, which was the reason for the collapse of the riyal against foreign currencies.

According to Reuters, "Observers fear that the Yemeni currency will continue to collapse to reach 2,000 riyals per dollar by the end of the year, which threatens a famine threatening millions of Yemenis."

This is not the first time that the wretched living and economic situation has exposed the failure of the mercenaries and their disregard for the lives of the people in the areas they control. 

The new deterioration is an extension of the ongoing disaster experienced by the residents of those areas for years, due to the corruption of the mercenaries and their aggressive economic policies aimed at multiplying the living burdens, their theft of the country's main resources, and their trading in the suffering of the people to develop their personal accounts in foreign banks. The occupied governorates have witnessed many popular protests, which the mercenary government has resorted to suppressing with all brutality.

#US_Saudi_Aggression #Economic_Crisis About 4 weeks
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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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