Yemeni currency plummets to new low against USD
Jul 10, 2023
Aden [Yemen], July 10: The Yemeni riyal plummeted on Sunday to a new low against the U.S. dollar, raising concerns about an impending economic crisis.
Money traders in the southern port city of Aden and other government-controlled areas confirmed to Xinhua 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 Yemeni government has been persistently appealing to regional and international powers for assistance in stabilizing the faltering economy.
Yemen has been embroiled in a devastating civil war since 2014, with the Houthi rebels fighting against the internationally-recognized government and its allies. The war has killed tens of thousands of people and pushed the country to the brink of starvation.
Source: Xinhua
