Money exchangers close doors in Yemen's interim capital as Riyal collapses
6/16/2020 9:24:00 PM
الصحوة نت - خاص
Alsahwa Net- Almost all money exchange businesses have shut down as the national currency collapsed dramatically over the past two days.
The Riyal always depreciation during the past six years of war but when Saudi deposits dry up from the central bank, like this time, the depreciation picks up the pace. From YR 700 versus one dollar, the Riyal plunged to YR 744 over the past two days. Weary money exchangers closed off.
With the Saudi $ I billion deposit exhausted and the bank coming under recurrent looting by the UAE militia governing the city, traders look for their need of foreign currency from the black market buying it at higher rates, furthering the depreciation of the Riyal.