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Economy and Humanitarian Crisis Worsen in Yemen Amid Collapsing Currency Rates

Living conditions and humanitarian crisis have worsened in Yemen with the sharp decline in the Yemeni currency’s exchange rate, and the revival of the black market, with the closure of money exchange centres across the country.

Footage filmed on Tuesday shows closed currency service locations in Aden as the exchange rate continued to depreciate forcing millions of people to the brink of starvation.

Over the past months, the Yemeni rial has declined against foreign currencies to one of the lowest rates since the war began in March 2015, registering 250 rials to the US dollar (293 rials to euro) on Wednesday.

Muhammad al-Shaabi, an Aden citizen, said: “There is a collapse in the currency which has caused starvation and poverty. And this collapse will cause a greater humanitarian disaster in Yemen.”

“The higher an exchange rate to the dollar and the Saudi riyal, the higher food prices in the country.” continued Munir Mustafa, another local.

He added, “Our life is difficult. We have children, we have houses that need supplies and we have families that need to eat.”

The humanitarian crisis has been worsening since the beginning of the world pandemic as the UN reported that the healthcare system has practically collapsed, leaving millions in a vulnerable position. The 5-year-conflict in Yemen has caused the displacement of millions and killed over 100,000 people, triggering the worst humanitarian crisis in the world, according to the UN.

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