International Report: Yemeni Rial Recovers 43 Percent of its Value During August

Arab Sea Newspaper - News Updates

Arabian Sea - Yemen - Follow-ups: An international report stated that the Yemeni rial rose by 43 percent in August to record 1,624 rials per dollar, after imposing exchange rate ceilings, closing illegal exchange networks, in addition to banning the use of foreign currencies locally and establishing a national committee to regulate the import of 25 basic commodities. The report issued by the Famine Early Warning Systems Network (FEWS NET) explained that the measures implemented by the Central Bank in Aden strengthened the value of the Yemeni rial and reduced the prices of food commodities and fuel in August, but more than half of the population will continue to face gaps in food consumption until the end of the year. It stated that the new monetary policy disrupted illicit financial flows to the Houthi authorities' areas and increased their foreign exchange reserve crisis.