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The collapse of the Yemeni riyal is pushing the largest industrial and commercial group to a regrettable decision
Yemen's largest industrial and commercial groups have announced a halt in their sales in the local market due to the rise in the dollar exchange rate against the Yemeni riyal.
According to a letter seen by "Economy News", the head of the team of companies "Hail Said Anam and Co." to the directors of all industrial, commercial and service companies, that the process of sales is stopped until further notice.
The letter attributed the decision of the industrial, commercial and service group to the continuous and unreasonable increase in the foreign exchange rates against the Yemeni riyal and their unavailability in the market and the effects on the inability to pay the purchases of raw materials.
Observers predicted that the shutdown of the first group in Yemen will lead to a rise in the prices of foodstuffs and consumer goods produced by 16 industrial companies in Yemen among 54 industrial, commercial and service companies spread over London, Saudi Arabia, UAE, Egypt, London, Malaysia and Indonesia.
Since the beginning of July, the Yemeni riyal has witnessed a decline after a relative stability of 480 riyals against the US dollar. Late in the month, it recorded 520 riyals, while the Saudi riyals scored 138 riyals.
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