Yemeni Riyal Plummets10/09/2018 2:59pm
Yemeni Riyal Plummets
Yemen is passing through multifaceted problems as worsening situation, war, economy deterioration, and currency collapse since the onset of the Arab Spring Revolution that first erupted in Tunisia and finally ended up in Yemen to eradicate corruption and seek reformation.
"We went gray for this historical moment," said an old Tunisian protester while taking down to streets.
In later years, the Yemeni economy and infrastructure began to collapse triggered off devaluation in Yemeni ryial against foreign currencies, especially US $. Nevertheless, citizens surmounted obstacles and went on living their own lives normally.
Protests against Government
After regime's failure and continuous corruption in overcoming economy deterioration, people took down to streets to protest- civil disobedience- and vent outrage against the government of the legitimate and internationally recognized president Hadi over weakening currency that contributed to worse living conditions.
"There is no alternative to change the situation except popular revolution against corruption in all its forms," said one of the protesters, Fadl Ali Abdullah. "The people have lost confidence in everything around them."
"Unemployment rate is very high and commodities are unaffordable- everything has become more expensive- and to add fuel to the fire currency is devaluing," said Salem Banheam, protesting for reasonable prices of basic services.
"We are Hungary, we cannot afford things," said Ahmed.
On Thursday, the governor of Hadramout Maj. Gen. Faraj Salmeen Al-Bahssani addressed protesters vowing to halt off oil exports if the government did not pay heed to citizens' demands concerning collapsing currency and worsening living conditions.
The legitimate and internationally recognized president Abdrabbu Mansour Hadi released a statement on Monday, third of September, ordering 30% increase in public workers sector and pensioners salaries.
Saudi Arabia to Inject two Billion Dollars in January 2018
On January 2018, Saudi Arabia pledged to deposit two billion dollars in Yemen central bank to shore up the value of the Yemeni Ryial against foreign currencies, particularly US dollars.
However, the depreciation of Yemeni ryial kept on collapsing until it reached rock bottom, one dollar equals 615 Yemeni Riyal and one Saudi Riyal equals 80 Yemeni Riyal this month.
Yemen Prime Minister Ahmed Obeid Bin Dagher tweeted on twitter on fifth of Jan of this year seeking help from the Arab coalition led by Saudi Arabia to shore up the currency.
“Save the Yemeni ryial from utter collapsing today before tomorrow," said Ahmed Bin-Dagher. "Saving the Yemeni Ryial means saving Yemeni population from inevitable hunger."
So the salvation of Yemeni ryial means saving Yemeni people to have better conditions of living that gradually worsen with war prolongs in war-torn country.