Aden, Yemen - Recent

The continued depreciation of Yemeni riyal in the country's government-controlled provinces has triggered public concerns, with many residents fearing a notable surge in the prices of daily necessities.

Banking sources in Yemen's government-controlled provinces, including Aden, Taiz, and Marib, reported that the exchange rate has exceeded 2,000 Yemeni riyals per U.S. dollar, the lowest level since the civil war began in late 2014, when one U.S. dollar was equivalent to 215 riyals.

Meanwhile, lots of local currency exchange agencies have suspended the exchange of Yemeni riyal with foreign currencies, due to significant exchange rate fluctuations. Analysts pointed out that in addition to causing soaring prices for goods, the continued decline may lead to an impending economic crisis.

The depreciation also further weakened the purchasing power of citizens, exacerbating their hardships.

To stabilize the national currency, Yemeni Prime Minister Ahmed Awad bin Mubarak held an emergency meeting on Tuesday.

The meeting, attended by Central Bank Governor Ahmed Ghaleb and Finance Minister Salem bin Buraik, focused on implementing fiscal and monetary reforms to stabilize the national currency and increase public revenue, according to the state-run Saba news agency.

Following the meeting, the central bank governor announced a public auction to sell 50 million U.S. dollars as part of immediate interventions. He attributed the pressure on the riyal to the halt of key national resources, reduced aid, and declining state revenue.

Shotlist:
Aden, Yemen - Recent:
1. Various of exterior of Al-Qutaibi Islamic Bank;
2. SOUNDBITE (Arabic) Tariq Al-Saffa, political and economic analyst (ending with shot 3):
"The devaluation will lead to a rise in unemployment rates and cause overall economic instability. Many economic participants will face collapse, and numerous households will face complete financial ruin. It's very challenging to find a solution to this situation in the near future.";
3. Various of bank clerk serving client;
4. Various of Yemeni riyal banknotes being counted by machine;
5. Various of people at bank;
6. SOUNDBITE (Arabic) Raed Al-Mehrabi, local resident:
"The rapid plummet of the currency has caused catastrophic negative impacts on people's life. They can't afford the food they need every day. It also affects various sectors like healthcare, education, and more. I believe this is a truly comprehensive disaster in every sense.";
7. Various of people selecting, buying foods at market.

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