ADEN, Yemen, July 9 (Xinhua) — The Yemeni riyal reached a new record low against the U.S. dollar on Sunday, sparking concerns over an imminent economic crisis.
Money traders in Aden, a major southern port city, and other areas controlled by the government have confirmed the sharp decline in the Yemeni riyal, which is currently at an exchange rate of 1,430 against the greenback. This marks the lowest exchange rate seen since the beginning of the year.
As a result of the depreciation, there has been a significant increase in the prices of essential goods such as food, medicine, and fuel. This has further weakened the purchasing power of citizens, exacerbating their suffering and worsening the already dire humanitarian condition in the country.
The Yemeni government has continuously appealed to regional and international powers for assistance in stabilizing the struggling economy.
Since 2014, Yemen has been embroiled in a devastating civil war between the internationally-recognized government and its allies, and the Houthi rebels. This conflict has claimed the lives of tens of thousands of people and has pushed the nation to the brink of starvation.
In ADEN, Yemen, on July 9th, the Yemeni riyal hit a new low against the U.S. dollar. This significant drop has raised concerns about the possibility of an impending economic crisis. Money traders in Aden, a vital southern port city, and other areas controlled by the government verified this decline. The Yemeni riyal is now valued at 1,430 against the greenback. This is the lowest exchange rate observed since the start of the year. Citizens are feeling the impact of this depreciation, as the prices of essential goods like food, medicine, and fuel have skyrocketed. Consequently, the purchasing power of the population has weakened, exacerbating their suffering and worsening the dire humanitarian situation in the country. Recognizing the urgency, the Yemeni government has been consistently calling on regional and international powers to intervene and stabilize the weakening economy. It is crucial to remember that Yemen has been engaged in a relentless civil war since 2014, pitting the internationally-recognized government and its allies against the Houthi rebels. As a result, tens of thousands of lives have been lost, and the nation teeters on the edge of famine.
Credit: The Star : News Feed
