The Yemeni riyal continued to decline against foreign currencies, and today, Saturday, it fell against the dollar in an unprecedented manner, recording 2075 riyals per dollar.

The decline in the exchange rate comes in light of the economic collapse that the country is witnessing as a result of the Houthi militia war 10 years ago.

The decline in the exchange rate of the Yemeni riyal against foreign currencies led to an increase in the prices of food and consumer goods, which affected the purchasing power of citizens.

The militias continue to create a new economic war against the Yemenis and the banking sector, since their coup against the Yemeni state, and their targeting of Yemeni oil export ports in the east of the country.

Rising exchange rates

Banking sources told Al Ain News that trading today, Saturday, November 23, 2024, recorded a significant increase in the exchange rates of the local currency, against foreign currencies, most notably the US dollar and the Saudi riyal.

The sources added that the exchange rate of the US dollar against the Yemeni riyal on Wednesday reached 2075 Yemeni riyals for sale, and 2070 riyals for purchase, per dollar.

While the exchange rate of the Saudi riyal, which is the most traded in Yemeni markets, recorded about 545 Yemeni riyals for sale, and 542 riyals for purchase.

The collapse that the price of the Yemeni riyal has reached has not been witnessed before, amid warnings from economists of the worsening living situation in the country, which is suffering from the worst humanitarian crisis in the world, according to the United Nations.

Despite the opening of special auctions to sell the currency by the Central Bank, which the bank took as an emergency measure to limit the collapse of the Yemeni currency, the auctions failed to address the collapse and provide liquidity in foreign currency.

As the mechanism of these auctions has become weak and unable to produce effects in calming the exchange market and curbing currency speculators, which indicates that there are other reasons behind the continued collapse of the riyal, in addition to stopping the export of oil and the Houthi militia war, and artificial manipulations that stand behind the auctions losing their effect, According to economists.

The Governor of the Central Bank of Yemen confirmed, in October, that Yemen had lost more than $6 billion of its own resources during the past 30 months alone, due to the Houthi economic war.

Since mid-October this year, the Presidential Council and the Yemeni government have begun rapid moves to confront the economic crisis that has ravaged the country and caused the value of the national currency to collapse and inflation to rise in an unprecedented manner.