Banks, exchange shops close their doors in Marib city

The banks and exchange shops closed their doors in Marib city, in conjunction with the continuous decline of the Yemeni riyal in the southern provinces located under the control of Saudi-led coalition, local sources said on Tuesday.

The sources indicated that the banks and exchange shops may continue to close their doors in the city, until a final solution is found to save the national currency from the continuous collapse.

The Yemeni riyal continues to decline significantly, despite the allegations of the “Aden’s Central Bank” to withdraw the counterfeit currency from the market to counter inflation, as the price of one dollar exceeded the barrier of 1050 riyals and the Saudi riyal 270 riyals in the provinces of Aden and Hadramout..

This came as a result of the “Hadi government” decision to raise the customs dollar price 100% from 250 riyals to 500 riyals, bringing the price of one dollar to 1050 riyals.

The United Nations, in turn, confirmed in a report published on Thursday, that the Yemeni riyal lost 35% of its value in the areas under the control of the “Hadi government.”

YPA