Exchange Companies in Occupied Aden Suspend Operations Amid Currency Collapse

Exchange companies and centers in the city of Aden, which is under Saudi-Emirati occupation, declared the suspension of their operations on Monday in response to the catastrophic collapse of the local currency circulating in the occupied provinces.

This crisis unfolded as the exchange rate of one US dollar soared past 1600 Yemeni riyals, adversely affecting the prices of essential commodities such as food and medicine.

In a statement released by the “Union of Exchange Companies” in Aden, an open strike was announced to protest the currency collapse. The statement condemned the silence of the pro-aggression government and the branch of the Central Bank in occupied Aden regarding the depreciation of the Yemeni rial against foreign currencies.

The statement pointed out that the administration of the pro-aggression government and the Central Bank in Aden are seemingly indifferent to this unfolding crisis in the lives of Aden residents and those in the occupied southern provinces. It particularly criticized the lack of concern, especially since the salaries of ministers and officials are paid in US dollars.

Sources attribute the surge in foreign currency prices to the failure of the Saudi-backed government to implement necessary economic measures to stabilize the local currency’s value. This failure is linked to the printing of nearly 6 trillion Yemeni rials without adequate cash cover in recent years.

The economic collapse has severely impacted the living conditions of citizens in Aden and other southern provinces, reaching a point where the government is unable to fulfill its obligation to pay teachers’ salaries for the last month in Aden. This dire situation highlights the urgent need for comprehensive economic reforms and intervention to address the currency crisis and mitigate its repercussions on the population.