The tragedy of the economic collapse is heading towards further deterioration in areas of Yemen under UAE-Saudi coalition occupation.
The change in the prime minister of the Saudi-backed government does not seem to have any impact on the catastrophe of the currency collapse. Many citizens believe that the local currency is negatively and rapidly affected by any events.
Despite the influx of ships to the port of Aden due to events in the Red Sea, this has not positively reflected on commodity prices. In the past two days, food and consumer goods prices have recorded a staggering increase in tandem with the escalating deterioration of the local currency in Aden.
The exchange rate reached 1681 Yemeni riyals per US dollar during Wednesday’s transactions in Aden.
Many observers believe that the coalition-backed government has not taken any significant steps to address the problem and mitigate the disastrous effects caused by the printing of 5 trillion and 300 billion riyals without cover.
This action contradicts the basic economic rules accompanying currency printing, leading to the collapse of the currency and the decline in the purchasing power of the riyal in areas of Yemen under coalition control. Additionally, the pro-aggression government has not raised wages to match the currency collapse.
Citizens unanimously argue that the coalition is responsible for the catastrophe of the local currency collapse and the economic deterioration. They point out that the government cannot make any decision without the approval of the Saudi-UAE regimes.
Despite the government’s attempt to blame Sanaa’s government for preventing oil exports, many observers believe that this excuse lacks logic, as the economic situation in coalition-controlled areas was already collapsing before the ban on oil exports.
They highlight the government’s lack of courage to make any decision regarding halting the currency collapse, including withdrawing the surplus currency printed for local circulation. This confirms, according to experts, that the issue of the currency collapse is not just a coincidence resulting from circumstances beyond control but a well-planned scheme to strike the economy and humiliate the people.
