Friday, February 23, 2024
-Advertisement-
Reimagining Public Sector Analytics
Reimagining Public Sector Analytics
HomeNewsGovernanceYemen currency tanks further as military conflict deepens

Yemen currency tanks further as military conflict deepens

Follow Tech Observer on Google News

Yemeni riyal was recently traded at 1,703 for one US dollar in the southern port city of Aden and other neighbouring areas

Google News

Worsening the domestic situation in war-torn Yemen, the country's riyal fell to its lowest level against all other international currencies on Sunday as the country's years-long conflict deepens.

According to recent reports, Yemen's riyal sharply declined in the provinces controlled by the government despite the measures taken by the country's central bank to curb the devaluation.

The report claims that the Yemeni riyal was recently traded at 1,703 for one US dollar in the southern port city of Aden and other neighbouring areas, marking the lowest exchange rate since the beginning of the civil war in 2015.

The recent unprecedented devaluation of Yemen's currency forced all banks and exchange stores to suspend their operations and begin an open general strike in Aden.

According to a brief statement, the Yemeni banks considered that “the suspension is not a solution, but rather a protest, to lead the country's government to move according to an economic system, including operating ports and exporting of oil and gas.”

Ahmed Bafaqih, the spokesman for the Central Bank of Yemen said that “there are many reasons that led to the decline in the exchange rate, the most important of which are the political and economic conditions that the country is going through.”

He said that the speculation of some money changers and traders and the scarcity of cash also contributed to the current devaluation. In 2017, the floated the national currency, a move that economic observers and analysts said was not well-studied a year after the relocation of the central bank to Aden.

The Yemeni economy is continuing to suffer after all exports were halted following a blockade on the country, which was part of a Saudi-led military intervention in March 2015.

Get the day's headlines from Tech Observer straight in your inbox

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
Tech Observer Desk
Tech Observer Desk
Tech Observer Desk at TechObserver.in is a team of technology reporters led by a senior editor who brings latest updates and developments from the world of technology.
- Advertisement -
Reimagining Public Sector Analytics
Reimagining Public Sector Analytics
- Advertisement -Veeam
- Advertisement -Reimagining Public Sector Analytics
- Advertisement -ESDS SAP Hana

Subscribe to our Newsletter

83000+ Industry Leaders read it everyday

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
- Advertisement -

HFCL to establish Rs 144 crore optical fiber cable plant in Poland

For this purpose, HFCL will create a new stepdown subsidiary under HFCL B.V., its wholly-owned subsidiary in the Netherlands.

RELATED ARTICLES