Barran Press
On November 1, 2024, security and judicial authorities in Aden, Yemen's temporary capital, closed over 26 currency exchange shops as part of a broader government initiative aimed at stabilizing the national currency, which has been experiencing continuous decline.
According to the media center of the Security Belt Forces, the Public Prosecution, in collaboration with the Security Belt Forces, conducted the closures to combat the proliferation of unlicensed exchange businesses that have contributed to the depreciation of the Yemeni rial and negatively impacted the national economy.
The crackdown targeted districts including Al-Mansura, Sheikh Othman, Al-Mualla, Khormaksar, and Crater, reinforcing the importance of adhering to laws and regulations governing currency exchange operations, as well as compliance with anti-money laundering and terrorism financing laws.
Yemeni Prime Minister Ahmed Awad bin Mubarak emphasized the necessity of intensifying efforts to control illegal currency exchange operations and speculators across all liberated provinces to protect the national currency. He has been closely monitoring the results of enforcement campaigns in Aden and praised the judicial authorities for their support in addressing ongoing currency speculation issues.
The local currency is facing a severe crisis, with the rial recently falling to its lowest value against foreign currencies. As of today, the exchange rate reached 2,060 rials to the US dollar, a significant drop from 1,676 rials just six months ago. The Saudi riyal has also depreciated, trading at 536 rials compared to 441 rials earlier this year.