Currency Chaos Ravages Aden, Banking Expectations of Major Collapse
The local currency in the “legitimacy” areas, specifically Aden, resumed on Tuesday, to collapse again, leaving chaos in the exchange market, with some reluctance to sell foreign currencies and speculating in their purchase.
Local sources reported that the dollar exchange rates in the last hours of transactions exceeded the barrier of 1050 riyals and 270 Saudi riyals and that was after the association of Money Changers in Aden brought it down to below 247 Saudi riyals, this indicates that the decision was political, in agreement with the transitional, who eager to establish a southern conference, it was expected to start on Monday, and it stumbled.
The new collapse prompted the exchange companies in Aden to stop selling foreign currencies except through brokers at prices that exceed the official and predetermined price.
On the other hand, local sources confirmed that exchange companies in Aden constantly deal with buying foreign currencies from citizens according to the price set by exchangers association at about 247,000 riyals per Saudi, in a move that prompted activists to accuse exchange companies of fraud.