Money changers said that the Yemeni currency fell to an unprecedented record low on Monday, surpassing the dollar’s exchange rate of 930 riyals.
“One dollar is sold between 935 to 940 riyals,” said Hashem Muhammad, a cashier in the temporary capital of Aden (south). Read also In a remarkable development… Yemenis replace the coffee tree with the qat tree A tragic humanitarian crisis… The war economy is exhausting the worsening situation in Yemen Agriculture for livelihood … a haven for Yemenis to face poverty The high prices of oil derivatives in Yemen .. What are their implications for citizens?
In an interview with Anadolu Agency, Muhammad added, “Today’s exchange rate of the Yemeni riyal has reached its lowest level in its history, and we expect its continued deterioration unless urgent solutions are found.”
Citizens complained about the noticeable rise in commodity prices due to the deterioration of the local currency, and one of them said that the crazy rise in prices had led to a further deterioration of living conditions in the country.
Yesterday, Monday, hundreds of people demonstrated in Taiz (south) to protest against the deterioration of living conditions, in a scene that has become commonplace in the streets of Yemeni cities, with the continuing worsening of the economic situation in the country.
Since the floating of the local currency in 2017, the exchange rate of the riyal has been dependent on supply and demand in the markets, without interference from the Central Bank of Yemen.
Yemen has been witnessing a war for 7 years that led to the worst economic crisis in the country’s history, which prompted 80% of the nearly 30 million population of Yemen to live below the poverty line of less than two dollars per person per day, according to the United Nations.