The dollar continues to cross the 600-riyal barrier. UN warns of continued deterioration of Yemeni currency (price list)

The dollar continues to cross the 600-riyal barrier. UN warns of continued deterioration of Yemeni currency (price list)


Recent economic indicators and the deterioration of Yemen's currency are worrying and call for more international attention and support for Yemen's faltering economy, the United Nations said.

The Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator, Mark Lowcock, briefed the  UN Security Council in a session on Yemen in mid-week.

The exchange rate of the Yemeni currency exceeded 600 Yemeni riyals per dollar, which could exacerbate the humanitarian crisis and famine in Yemen as the country depends on imports, Lowcock said.

"We have not seen the rate of the Yemeni currency exceeding the 600 riyal barrier since last year," he said, adding that "the collapse of the currency is a major driver in pushing Yemen to the brink of widespread famine."

The national currency experienced an unprecedented decline in October 2018, when the exchange rate approached 800 riyals per dollar, causing a crazy rise in food prices.

The devaluation of the national currency followed the recent Aden rebellion, which led to the end of government control in the interim capital Aden, and the rule of armed formations loyal to the Emirate over the city and state institutions, including the central bank.

The central bank's leadership says the bank's work has not been affected by the recent situation in Aden, but at the same time calls on the parties to spare the bank conflict and maintain its independence and neutrality.

Since the takeover, the Bank has carried out several banking operations to purchase oil derivatives and strengthen banks in foreign currencies, using the Saudi deposit.

The government says that the transitional rebellion has negatively affected all the efforts it has achieved in the service and economic files, and the progress it has made in its plan to recover and maintain the stability of the currency, and the Under-Secretary-General for Humanitarian Affairs confirms the government's version of relative stability in the price of Exchange, where he said that the injection of foreign currencies contributed to the stability of the exchange rate during the last period.

Experts say Yemen’s economic situation is heading for the worst if the current division in the liberated areas continues. In addition to the effects of the previous revenue-sharing, it contradicts the measures taken by the government authorities and Houthi militias in Sana'a with regard to the financial and economic aspect.

Al-Masdar online publishing a list of exchange rates on Wednesday, according to bankers confirmed to the site in Sana'a, Aden and Hadhramaut:

Aden:

U.S. Dollar:

Purchase price: 599

Sale Price: 604

Saudi riyal:

Buy: 157

Sale: 159

Hadhramaut:

U.S. Dollar:

Buy: 607

Sale: 611

Saudi riyal:

Buy: 159.3

Sale: 159.8

Sana'a:

U.S. Dollar:

Buy: 602

Sale: 607

Saudi riyal:

Buy: 158

Sale: 160


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