Saudi Riyal Poised for Dramatic Drop in Aden, Economist Predicts
aden, Yemen – A leading economist is forecasting a significant strengthening of the Yemeni riyal against the Saudi riyal, possibly reaching 140 Yemeni riyals too one Saudi riyal in the coming days.The prediction, made by Dr. Musaed Al-Qutaibi, Professor of Economics at the University of Aden, marks a rare optimistic outlook for Yemen’s war-ravaged economy and could offer a crucial lifeline to millions.
For years, Yemen’s currency has been in freefall, fueled by ongoing conflict and soaring inflation. This anticipated shift represents a potential turning point, promising to ease economic hardship and boost purchasing power for the country’s 30 million citizens. Dr. Al-Qutaibi believes the enhancement is driven by emerging political developments and anticipated salary increases for those affiliated with the military sector. “Indicators indicate the possibility of a gradual and sustainable improvement,” he stated.
The potential impact is already being felt in Aden’s currency markets. Salem Al-Awlaki, a local sarafi (currency exchange dealer), described the daily volatility and emphasized the meaning of the forecast: ”The markets are witnessing a daily change, and this expectation means a lot to people here.”
Monetary economy expert Dr. Fatima Al-Saleh drew parallels to the recovery of the Kuwaiti currency following the 1991 Gulf War, suggesting the current situation could signal a similar positive trajectory. While cautiously optimistic, experts emphasize the need for continued monitoring of developments.
A stronger Yemeni riyal would translate to lower commodity prices and increased affordability for citizens, potentially attracting investment and alleviating economic burdens. The question now is weather yemen can capitalize on this chance and finally achieve lasting economic stability.
