Barran Press
The Yemeni Rial has continued its dramatic decline against foreign currencies, reaching a record low, according to banking sources in the temporary capital Aden on Monday, May 27, 2024.
Sources told "Barran Press" that the dollar traded at 1746 rials for buying and 1756 rials for selling, while the Saudi Riyal reached 460 rials for buying and 462 rials for selling.
The internationally recognized Yemeni government held a meeting in Aden on Sunday to discuss urgent measures to stop the Rial's depreciation, according to the official Saba news agency.
The discussion focused on "integrating financial and monetary policies to control exchange rates and mitigate their severe impact on citizens' livelihoods," the agency reported.
The cabinet discussed various proposals to address the ongoing currency crisis, emphasizing the need for "immediate implementation" to curb the Rial's decline.
The proposals encompassed economic, livelihood, and service-related aspects. The cabinet asserted that implementing these proposals would "alleviate existing hardships, particularly in electricity and exchange rates, and their repercussions on essential food prices and bread."
In response, the cabinet formed a committee headed by the Minister of Industry and Trade, with the Governor of the Yemeni Central Bank and Ministers of Planning and International Cooperation, Finance, Oil and Minerals, Agriculture and Fisheries, Transportation, Local Administration, Electricity and Energy, the State Minister and Governor of Aden, and the Secretary-General of the Council of Ministers as members.
The committee is tasked with transforming the proposals and policies into actionable steps.
The council emphasized that the committee's responsibilities include monitoring the implementation of these proposals and policies "in the short term" and reporting back to the council for necessary action.
Following the cabinet meeting, Prime Minister Ahmed Awad bin Mubarak traveled to the United Arab Emirates, according to Saba.
The Yemeni economy has been severely impacted by the Houthis, designated as a terrorist group, targeting oil export ports in late 2022, casting a shadow over the overall economic situation.