Economic journalist: The absence of government intervention to contain the riyal crisis will exacerbate the disaster and the encroachment of speculators

A journalist specializing in economic affairs warned of the absence of government interventions to contain the crisis of the Yemeni riyal, which is witnessing a record collapse, stressing that this would lead to the encroachment of speculators and the exacerbation of the humanitarian disaster in the country.

Journalist Wafiq Saleh said in posts on the X platform, monitored by the editor of "Yemeni Youth Net": "It is unfortunate that the national currency has fallen against other currencies to very low levels, and the government responds to everything that happens with silence and support."

He added: "It seems that the government has actually lost its ability to intervene and enforce its financial and monetary tools to contain the riyal crisis and achieve stability in the exchange market."

He continued: "The government was unable to reactivate sustainable sources of foreign currency, nor to control the banking system adopted and prevailing in the areas under its control. It left things loose, as it did not provide the banking market's need for foreign currency, nor did it control the situation and impose strict monetary policy tools against speculators and manipulators."

Saleh pointed out that in addition to the Houthi war against the Yemeni economy and the destabilization of the riyal in the legitimate areas, a series of mistakes committed by the government and monetary authorities over the past periods have contributed to a historic collapse of the riyal of the new edition, and the situation has reached these levels of deterioration and misery.

He stressed that such errors would leave the exchange market vulnerable to major imbalances, enabling speculators and financial influence networks to manipulate the value of the national currency and harm the livelihoods of citizens.

The Yemeni riyal was traded in areas controlled by the legitimate government today, Saturday, at its lowest level, as exchange rates in parallel markets indicate that the sale of the US dollar rose to more than 1960 riyals, while the sale price of the Saudi riyal reached 513 riyals.