Yemeni government holds meeting to address currency crisis
Date
5/27/2024 3:18:32 AM
(MENAFN) On Sunday, the Yemeni government held a meeting to discuss urgent measures to stop the decline of the national currency, aiming to integrate fiscal and monetary policies to control exchange rates and address their serious impact on the lives and livelihoods of citizens.
The Yemeni currency has been rapidly and significantly collapsing against foreign currencies, with today's exchange rate reaching 1,757 Yemeni riyals per US dollar. This depreciation has caused a surge in the prices of food and consumer goods, exacerbating the difficult economic, living, and service conditions for Yemenis.
At the meeting, the government reviewed several proposals to be urgently implemented in economic, living, and service sectors to alleviate the current suffering. Particular focus was on electricity services and the exchange rates of the national currency, which have a direct effect on the prices of essential food items, including bread, as reported by a Yemeni news agency.
The government formed a ministerial committee to transform these proposals and policies into actionable steps for immediate follow-up, which will be reported back to the Council for necessary action. The specific nature of these measures was not disclosed.
These urgent government measures come as the temporary Yemeni capital, Aden, experiences a total and open strike by bread bakeries, which began yesterday, Saturday. The strike is due to the rising costs of bread production inputs and the continued collapse of the local currency.
The Professional Bakeries and Ovens Association in Aden has stated that the strike will end only if the price of roti bread is approved at 100 riyals per loaf, with each loaf weighing 60 grams.
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