Calls for quick intervention .. The Yemeni riyal loses morale in the government's announcement
English - Tuesday 22 December 2020 الساعة 08:56 am
Aden, NewsYemen, Exclusive:
The Yemeni riyal fell, on Monday, against foreign currencies, in the capital, Aden, after a limited recovery recorded during the past two days, affected by the morale of forming the new government.
Banking sources told "NewsYemen" that the exchange rate of the US dollar in Aden was recorded late (Tuesday) 786 riyals for sale and 784 riyals for purchase, after it retreated on Sunday to 764 riyals for sale.
The exchange rate of the Yemeni riyal against the Saudi riyal reached 210 riyals for purchase, 207 for sale, up from 201 riyals for sale on Sunday, and 199 riyals for purchase.
The national currency had regained, within a week, about 170 riyals of its value against the dollar, and 40 riyals against the Saudi riyal, driven by the announcement of the formation of the new government under the Riyadh Agreement, last Friday.
Economists warned of the new government's delay in taking quick financial and monetary measures to restore the confidence of the banking market that emerged after the announcement of its formation, restore the local currency to its value against foreign currencies, and curb currency inflation, food and services prices.
In statements to "NewsYemen", they confirmed that the government's delay in activating the monitoring and anti-corruption bodies, raising levels of transparency, reforming the budget, reviving the financial sector, and raising the capabilities of the Central Bank of Yemen, will have negative repercussions on the value of the local currency, the riyal, and any external financial interventions after that will have little effect.
