Yemen’s currency sees sharp decline as years-long conflict drags on
Yemen’s national currency on Sunday fell to its lowest level against all other international currencies in years on Sunday, as the war-torn country’s years-long military conflict deepens.
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, banking sources said.
They said that the Yemeni riyal was recently traded at 1703 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.
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.”
In 2017, the Yemeni government 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.
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