Cash shortages grip Yemen despite currency stabilisation
Summary
The Yemeni government stabilized the value of its currency, the riyal, by controlling exchange firms and managing remittances. However, this has caused a serious shortage of cash, making it hard for many Yemenis to get local money, which is hurting businesses and daily life.Key Facts
- The Yemeni central bank closed unauthorized exchange firms accused of currency speculation.
- The riyal stabilized from about 2,900 to 1,500 Yemeni riyals per US dollar.
- There is now a severe shortage of Yemeni riyal cash in government-controlled cities.
- Banks limit daily currency exchanges and often refuse to convert foreign money like Saudi riyals and US dollars.
- Many Yemenis cannot access their savings or use foreign currency due to cash shortages.
- Businesses are closing or struggling because of the lack of local currency.
- Government employees receive salaries in low-value banknotes, which merchants sometimes refuse.
- The conflict in Yemen has caused a long economic crisis with shortages of money affecting public services and payments.
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