ADEN, Yemen, Feb. 3 (Xinhua) -- The Yemeni riyal plunged to a new record low on Saturday, breaking 1,650 against one U.S. dollar, as the country's currency crisis worsens.
Money changers in the southern port city of Aden told Xinhua that the riyal was trading at 1,650 to one dollar, up sharply from 1,500 just a few months ago. They said the new rate takes the currency perilously close to its all-time low of 1,700 per U.S. dollar in 2022.
The riyal's rapid decline, despite the government's efforts to stabilize it, highlights the dire state of Yemen's economy amid the ongoing civil war. Last week, the internationally recognized government based in Aden formed a committee to address the currency deterioration.
The weakening riyal has led to soaring prices for staple goods like rice, wheat, and fuel, exacerbating hardships facing Yemeni citizens.
With the currency showing no signs of recovery, analysts warn that economic conditions will continue to fray, which adds urgent new pressure on authorities and international mediators to take decisive action to pull Yemen back from total economic collapse.
Yemen has been embroiled in a civil war since late 2014 when the Houthi group attacked several northern cities and forced the internationally-recognized Yemeni government to leave the Yemeni capital of Sanaa.
