Monday, July 15, 2024

Yemeni riyal plummets to new low against USD

The Yemeni riyal has plummeted to a new low against the US dollar, raising concerns about an impending economic crisis in the war-torn nation.

Money traders in the southern port city of Aden and other government-controlled areas told Xinhua news agency that the Yemeni riyal declined sharply to 1,430 against the greenback, marking the lowest exchange rate since the beginning of this year.

The depreciation caused a notable surge in prices of food, medicine, and fuel and further weakened the purchasing power of citizens, exacerbating their sufferings and worsening the country’s already dire humanitarian condition.

The Yemen government has been persistently appealing to regional and international powers for assistance in stabilising the faltering economy.

Yemen has been embroiled in a devastating civil war since 2014, with the Houthi rebels fighting against the internationally-recognsed government and its allies.

The conflict has devastated the country, with over 19,000 people have been killed and millions more forced to flee their homes.

More than 21.6 million people, or two-thirds of the population, need humanitarian assistance and protection yet donors have so far committed only a third of what is needed.

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