ADEN: Yemen's currency, the riyal, has sunk to historic lows in recent days, in a new threat to the war-torn country which is already on the brink of famine. In the government-controlled southern capital of Aden, the dollar is trading at more than 1,000 riyal, the highest rate since the war began in 2014, when Iran-backed Huthi rebels seized the northern capital of Sanaa.
The currency has lost some six percent in the south in the past three weeks. Meanwhile the riyal trades at about 600 riyals to the dollar in rebel-controlled areas, which stretch across much of the country's north.
A source at the central bank in Aden told AFP that it was taking action to prop up the currency, amid growing social discontent in areas controlled by the government, which is backed by a Saudi-led military coalition. "Inspection teams affiliated with the Yemeni central bank, in cooperation with prosecutors and the police, are carrying out a wide-ranging campaign against exchange rate manipulators," the source said.
Comments
Comments are closed.