"Monday" recorded its biggest loss. A frightening collapse of the riyal and an increase in food prices and an invitation to close exchange shops



The Yemeni riyal fell back on Monday, October 1, 2018, with foreign currencies, and recorded the lowest level, with a single dollar on the black market reaching 780 riyals.

According to a bank source in the capital city of Sanaa, he spoke with "Marib Press", the riyal recorded the largest losses on Monday, losing more than 10 percent of its value within 24 hours, noting that the dollar sales price reached 780, while the Saudi riyal 220 riyals Yemen reached.

The source refused to exchange money shops, deliveries of remittances in dollars or Saudi Arabia, and warned that the riyal is likely to collapse further in the next two days.

The collapse of the local currency in Yemen has aggravated the humanitarian situation by the increase in commodities. The price of the fine bag reached 15,000 riyals, and the price of the gram was 9,000 riyals, compared to 4,000 riyals at the beginning of the year.

The Yemeni currency continues to fall despite the package of measures announced by the Yemeni government in the first half of this month to deal with the crisis of the scarcity of foreign currencies.

These measures include, among other things, the necessary funds for the import of basic foodstuffs.

The central bank also announced an increase of the deposit and deposit rate by 27 percent for certificates of deposit and 17 percent for government bonds in an attempt to prevent the rapid collapse of local currencies.

In the context, called the Syndicate of cashiers in Aden, all shops and exchange offices in the city, to stop selling and buying currencies from Monday morning.

"We call on all exchange companies and shops in Aden to stop selling and buying foreign currency from Monday morning, and only to deliver and send money," the union said in a statement.

"Given the high exchange rates and the unwarranted demand for foreign currency in a useless way and for the public good, everyone has the obligation to stop selling and buying foreign currencies until further notice."

From Tuesday to Saturday, exchange offices in Aden closed their doors following a call from the banking team to protest against the massive collapse of the local currency against foreigners.

You can visit the original news here >> This news item published by the Yemenews website was published on the Marib Press website


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