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| Arabia |
| Local currency dealers shy away from dealing with Yemeni riyal |
| 2015-03-13 |
| [YEMENONLINE.INFO] The deteriorating situation in Yemen with regard to the lack of political and economic stability have driven downward the value of the Yemeni riyal against the dollar and other key currencies. This is set to negatively reflect upon the already weak economy in Yemen despite the recent assurances of the Central Bank of Yemen that currency exchange rates have actually remained relatively stable. Nonetheless, global reports confirm the political upheaval in the country may inflict great harm on the Yemeni economy. The exchange rate of the Yemeni riyal has declined against the US dollar to 215 riyals, and against the Saudi riyal to 57 Yemeni riyals. Ahmad Ali, member of the International Federation of Technical Analysts (IFTA) said that the Yemeni riyal has been dropping for some time, adding that it may reach 250 against the dollar. “This is a very strong and serious drop for the Yemeni riyal, which will negatively affect the country's economy,” he confirmed. He dismissed the notion that the dropping value of the Yemeni currency will negatively affect the value of the Saudi riyal, mainly due to the weak mutual trade between the two countries which is mostly concentrated in agro-products. |
| Posted by:Fred |