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UN Program: The Yemeni Riyal has lost about half its value in government-controlled areas since the start of the oil export halt
Economy| 1 March, 2025 - 11:40 AM
Rome: Yemen Youth Net
A recent UN report revealed that the Yemeni riyal has lost about half of its value in areas controlled by the internationally recognized government, since the Houthi attacks on oil facilities in October 2022, and the subsequent halting of oil and gas exports.
The World Food Program said in a report on food security updates in Yemen, issued today, Saturday, that the Yemeni riyal reached its lowest level ever at 2,187 Yemeni riyals/US dollar by the end of January 2025, in areas controlled by the government.
He added that the riyal has fallen by 26% year-on-year and has lost nearly half its value against the US dollar (47%) since the crude oil export ban in October 2022.
He explained that the disruption of oil exports led to losses of more than six billion US dollars in revenues for the internationally recognized Yemeni government.
The UN program indicated that this decline in the value of the riyal primarily led to pushing the prices of fuel and local food to unprecedented levels in January 2025.
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