RIYADH: The Yemeni riyal has gained against the US dollar following the announcement of $1.2 aid by Saudi Arabia to help alleviate the country’s worsening economic situation.
The Yemeni riyal soared from 1,420 against the US dollar to 1,392 on Wednesday.
Yemen’s riyal has been facing a downfall for the past many months; however, Saudi financial assistance has proved to be a major step to help the country to address its economic woes.
Mohammed Al-Jaber, the Kingdom’s ambassador to Yemen committed $1.2 billion in financial aid on Tuesday to alleviate Yemeni currency.
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Yemeni citizens and officials have thanked the Saudi financial support and are grateful for the Kingdom’s continued support in terms of humanitarian and economic aid.
Head of the Presidential Leadership Council Rashad Al-Alimi expressing his views said that Saudi financial aid shows the Kingdom’s strong support for the Yemeni people and their legitimate government.
He noted that Saudi assistance would help to end the suffering of people in Yemen through development.
