Aden (South24 Center)

The Yemeni rial recorded its lowest level ever in the capital Aden on Tuesday (April 8), with the US dollar reaching 2,399 rials for sale in the unofficial market, while the purchase rate stabilized at 2,371 rials, according to banking sources.

The Yemeni rial also declined against the Saudi riyal, reaching 629 for sale and 624 for purchase. This drop comes amid a worsening economic crisis and the halt of crude oil exports, which comprise the main source of foreign currency for Yemen’s Internationally Recognized Government.

A banking source told ‘South24 Center’ that the currency market is witnessing unprecedented instability, with expectations that the Yemeni rial will continue to lose value in the coming weeks.

In Houthi-controlled areas of Sanaa, the dollar exchange rate remained stable at 538 rials for sale and 535 rials for purchase, amid a ban on trading new editions of the local currency.

However, this apparent currency stability does not reflect the true economic situation in Houthi-controlled areas, sources confirmed to ‘South24 Center’ Food prices are rising, and residents are hit by high taxes.

The Central Bank of Yemen in Aden recently adopted several measures to regulate banking activity in a desperate attempt to stop the depreciation of the local currency. However, the results appear nonexistent so far.

The decline of the Yemeni rial comes as international organizations warn of serious consequences for the humanitarian and living conditions of millions of Yemenis.

According to the World Bank, Yemen has seen a cumulative contraction in real GDP per capita of 54% since 2015, leading to rising poverty rates and deteriorating humanitarian conditions.

About half the population suffers from food insecurity, with high rates of malnutrition among children.

An October 2024 International Monetary Fund report indicated that inflation would reach 20.7% in 2025, suggesting continued inflationary pressures on Yemen's economy.