Yemen currency crash has ‘done more damage’ than war, experts say
- Date: 24-Jul-2020
- Source: Arab News
- Sector:Financial Markets
- Country:GCC
Yemen currency crash has ‘done more damage’ than war, experts say
Yemen currency crash has 'done more damage' than war, experts say
Yemen currency crash has 'done more damage' than war, experts say
Yemen currency crash has 'done more damage' than war, experts say
The impact of the currency depreciation on the Yemeni economy and the public is dramatic, experts and economists said. (AFP)
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Yemen currency crash has 'done more damage' than war, experts say
Riyal slump that has 'made cost of staying alive far harder to afford' caused by speculation, export disruption
Updated 24 July 2020
Follow @arabnews
AL-MUKALLA: The depreciation of the Yemeni currency has caused more damage to Yemenis than the raging conflict in the country, economists and locals have said.
The Yemeni riyal traded 752 against the US dollar on Thursday's black market for the first time in two years, falling from 700 in recent weeks. The riyal was 623 at the beginning of the year before slowly falling to 680 over the following six months. In January 2015, the riyal was 215 to one dollar.
The impact of the currency depreciation on the Yemeni economy and the public is dramatic, experts and economists said.
"The direct violence of the war has affected some people in Yemen, but the fall of the currency affects everyone,“ Spencer