Yemen currency plunges after decision to shut down port

Saudi border guard watches as he stands in boat off coast of Red Sea on Saudi Arabia's maritime border with Yemen, near Jizan. (File: Reuters)

Yemen’s riyal plunged against foreign currencies after an announcement that Al-Hudaydah port would be shut down, due to the conflict in the country, and all ships diverted to Aden’s ports.

A bank source in Sanaa said the dollar exchange rate increased Monday from 214 riyals to 236 riyals, adding that the sudden rise was a first since the 2011 revolution.

However, companies and money exchangers did not sell dollars on Monday as it was not available on the market.

Last Update: Wednesday, 20 May 2020 KSA 09:48 - GMT 06:48