Yemen’s national currency experiences obvious recovery
(MENAFN) Yemen’s national currency experienced a notable recovery on Saturday, climbing to 1,800 rials per U.S. dollar in areas under government control—up from nearly 2,900 just two weeks earlier. This rebound has prompted the launch of a nationwide initiative to regulate prices, according to reports from financial sources in Aden.
The resurgence of the rial, marking its strongest performance in months, has raised public expectations for relief from soaring food costs.
The Central Bank in Aden played a key role in stabilizing the currency by revoking the licenses of 24 currency exchange companies suspected of manipulating rates and by increasing financial oversight.
In response to the currency shift, Yemeni Prime Minister Salem bin Buraik directed the Ministry of Industry and Trade to deploy inspection teams across government-administered regions to enforce pricing regulations on essential goods.
“Any improvement in the currency exchange rate must be accompanied by a corresponding decrease in the prices of basic commodities, especially those imported by major traders and suppliers in foreign currencies,” bin Buraik said, warning that businesses failing to comply would face penalties.
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