Yemen's currency sees sharp decline as years-long conflict drags on

Mon, 24 Mar 2025

Yemen's currency sees sharp decline as years-long conflict drags on

ANI
06 Dec 2021, 03:48 GMT+10

Yemen's currency sees sharp decline as years-long conflict drags on

Aden [Yemen] December 6 (ANI/Xinhua): 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.

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, told Xinhua 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 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. (ANI/Xinhua)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Japan Herald.

More Information

null in null

Asia Pacific

Section

US seeks global support to block China’s access to American chips

Commerce chief seeks industry help to stop China from getting US chips

WASHINGTON, D.C.: Commerce Secretary Howard Lutnick said the Trump administration is asking companies and foreign governments to help...

Trump seeks delay in US Steel-Nippon legal fight, talks ongoing

Trump administration seeks delay in Nippon Steel merger

WASHINGTON, D.C.: The Trump administration is seeking a delay in the legal battle between U.S. Steel and Nippon Steel over their blocked...

FAA to propose new rules for expanding drone deliveries

US FAA to propose rule on allowing expanded drone use

SEATTLE/WASHINGTON D.C.: U.S. Transportation Secretary Sean Duffy said last week that the Federal Aviation Administration (FAA) is...

ETGE condemns Turkiye-China security pact, calls it a 'Historic Betrayal'

ETGE condemns Turkiye-China security pact, calls it a 'Historic Betrayal'

Washington DC [US], March 24 (ANI): The East Turkistan Government-in-Exile (ETGE) vehemently opposed the Turkiye-China Joint Security...

"Planned, provocative nuclear war rehearsal": N Korea condemns US-S Korea military drills

"Planned, provocative nuclear war rehearsal": N Korea condemns US-S Korea military drills

Seoul [South Korea], March 24 (ANI): North Korea on Monday criticised the annual joint military drills by the United States and South...

ChinaSignature | Luoyang Bridge in Quanzhou: Nature's philosophy in tides and oyster reefs

ChinaSignature | Luoyang Bridge in Quanzhou: Nature's philosophy in tides and oyster reefs

BEIJING, March 24 (Xinhua) -- March 22 marks World Water Day, and China Water Week runs from March 22 to 28. Both aim to raise awareness...

Business

Section

Boston Celtics sold for $6.1 billion to private equity mogul Chisholm

Private equity mogul to acquire NBA's Celtics for $6.1 billion

BOSTON, Massachusetts: Private equity investor William Chisholm has agreed to buy the Boston Celtics in a record-breaking deal worth...

US mortgage rates rise for second week, adding pressure on buyers

Average US rate on 30-year mortgage rises slightly for second week

WASHINGTON, D.C.: The cost of borrowing for a home in the U.S. ticked up again this week, marking the second straight increase as homebuyers...

Apple TV+ bleeds $1 billion annually in costly streaming push

Apple losing over $1 billion a year on streaming service, report says

CUPERTINO, CALIFORNIA: Apple's ambitious foray into streaming is proving costly, with the company reportedly losing over US$1 billion...

Gold rally gains momentum as Citi lifts target to $3,200

Citi hikes gold price target for next 3 months to $3,200 per ounce

NEW YORK CITY, New York: Gold's record-breaking rally is expected to continue, with Citi Research increasing its three-month price...

Data center safety system nearly sparked US power crisis

Big Tech's data center boom poses new risk to US grid operators

BOSTON, Massachusetts: A routine safety mechanism at data centers nearly triggered a regional power crisis last summer, highlighting...

Air France unveils luxury first-class suite to lure elite travelers

Air France renews first-class suites in battle for high-rollers

PARIS, France: Air France is making a bold bet on luxury travel with the launch of an upgraded first-class suite, aiming to attract...

Movie Review

Werckmeister Harmonies (4K UHD) [Blu-ray]