The value of the Yemeni riyal recorded a sharp decline against the dollar and foreign currencies, the first in two years after relative stability over the past months, traders of exchange companies in Aden told Reuters.
The devaluation of the local currency comes amid a major scarcity of foreign exchange in the exchange market, with oil exports halted nine months ago due to attacks by the Houthi group, which accounted for nearly 70% of the hard currency resources of the internationally recognised government backed by Saudi Arabia.
The Yemeni government says it suffered losses of more than $1 billion due to a halt in crude oil exports.
One of the exchange rate in parallel black market transactions reached on Saturday evening the barrier of 1400 riyals to the dollar for purchase and 1411 riyals for sale, 100 riyals from the exchange level a month ago and 200 riyals from last May.
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