The Presidency of the Southern Transitional Council warned of the serious repercussions of the continued deterioration of the local currency, holding the government and the central bank responsible for the collapse of the exchange rate.

During its regular meeting, Thursday, the authority called on the Presidential Leadership Council, the bank, and the government to take urgent and transparent measures to rein in currency market manipulators and expose the parties involved in creating unreal demand for the dollar and other foreign currencies.

On Thursday, the Yemeni riyal recorded a noticeable decline against foreign currencies, after the exchange rate for one dollar reached 1,954 riyals, while the price of the Saudi riyal exceeded 508 riyals.

During the past year, the Yemeni riyal lost about 43% of its value, which portends a further unprecedented economic and living deterioration for citizens.