Traders and dealers in exchange companies in Aden revealed today, Saturday, that the value of the Yemeni rial has recorded a significant drop against the dollar and foreign currencies, marking the first decline in two years after a relative stabilization in recent months. This depreciation of the local currency comes amid a severe shortage of foreign currency in the exchange market, exacerbated by the halt of oil exports for nine months due to attacks by the Houthi group, which accounted for nearly 70% of the hard currency resources for the internationally recognized government supported by Saudi Arabia. The Yemeni government claims it has incurred losses exceeding one billion dollars due to the suspension of crude oil exports.
One money changer in Aden reported that the exchange rate in the parallel black market reached 1400 rials for purchasing and 1411 rials for selling per dollar on Saturday evening, a difference of one hundred rials from the exchange rate a month ago and two hundred rials from May. Traders noted that the rapid decline of the currency has resulted in daily sharp increases in prices, making it difficult for many Yemenis to afford most basic goods in Aden and the southern and eastern provinces of the country. The exchange rates of the rial in the capital, Sana'a, and areas controlled by the Houthi group in the north remain stable at 530 rials per dollar, according to banking sources.
