Yemeni rial

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Yemeni rial
ريال يمني (Arabic)
1000 Yemeni rial banknote
ISO 4217
CodeYER (numeric: 886)
Subunit0.01
Unit
Symbol﷼ or YRl/YRls
Denominations
Superunit
 10dinar
Subunit
1100fils
BanknotesYRls 50, YRls 100, YRls 200, YRls 250, YRls 500, YRls 1,000
CoinsYRl 1, YRls 5, YRls 10, YRls 20
Demographics
User(s) Yemen
Issuance
Central bankCentral Bank of Yemen
 Websitewww.centralbank.gov.ye
Valuation
Inflation16.8%
 Source2023[1]

The rial (Arabic: ريال يمني; sign: ; abbreviation: YRl (singular) and YRls (plural) in Latin,[2] ,ر.ي in Arabic; ISO code: YER) is the official currency of the Republic of Yemen. It is technically divided into 100 fils, although coins denominated in fils have not been issued since Yemeni unification. Due to the ongoing political instability, the value of the Yemeni rial has fallen significantly.

The Yemeni civil war has caused the currency to diverge. In southern Yemen, which is primarily controlled by UAE-backed separatists and the former government backed by Saudi Arabia, ongoing printing has caused the currency's value to plummet. However, in northern Yemen, which is primarily controlled by Ansar Allah with support from Iran, banknotes printed after 2017 are not considered legal tender. Therefore, the exchange rate has remained stable.[3] The differences in banknotes printed before and after 2017 can be determined by its size.

History[edit]

In the 18th and 19th century, the rial was traditionally associated with the Maria Theresa thaler, a currency that was widely used in Yemen owing to the Mocha coffee trade with the French, and a Yemeni request that its produce be paid for in thalers.[4]

As Yemen progressed, it developed its own legal currency. After the union between the North (the Yemen Arab Republic) and the South (the People's Democratic Republic of Yemen) in 1990, both the northern rial and the southern dinar remained legal tender during a transitional period, with an exchange rate set at 1 dinar to 26 rials. On 11 June 1996, the dinar was withdrawn from circulation. In 1993, the first coins were issued for the Republic of Yemen. The value of the Yemeni rial against the United States dollar dropped significantly, compared to 12.01 rials per dollar in the early 1990s.

Since the mid-1990s, the Yemeni rial has been freely convertible. Though it dropped from YRls 20 to approximately YRls 215 against the US dollar since then, the rial was stable for several years. However, since 2010 the Central Bank of Yemen has had to intervene many times to protect the currency's value, resulting in a serious decline of foreign reserves.[5] Due to the war, the exchange rate for the Yemeni rial has hovered between 250 and 500 Yemeni rials for 1 US dollar.

Coins[edit]

Before unification, North Yemen issued coins in denominations of 1, 5, 10, 25 and 50 fils, and 1 rial. The fils denominations have all disappeared from circulation. In 1993, new coins were introduced by the Central Bank of Yemen in denominations of 1 and 5 rials. These were followed by 10-rial coins in 1995 and 20-rial coins in 2004.

YRl 1 YRls 5 YRls 10 YRls 20

Banknotes[edit]

At the time of unification, the Central Bank of Yemen issued banknotes in denominations of 1, 5, 10, 20, 50, and 100 rials. In 1993, the 1 and 5 rial notes were replaced by coins, with the same happening to the 10 rial notes in 1995, and 20 rial notes in 2004. In 1996, 200 rial notes were introduced, followed by 500 rials in 1997 and 1,000 rials in 1998. A 250 rial banknote was issued in 2009.[6][7]

In 2017, the Central Bank of Yemen, now relocated in Aden, its interim capital due to the civil war, issued 500 and 1,000 rial banknotes with revised security features and different dimensions. In 2018, the Central Bank of Yemen reintroduced the 200 rial banknote and has issued a new 100 rial banknote.

Currently circulating banknotes (1994-2009)
Image Value Main Colour Description Date of
Obverse Reverse Obverse Reverse Printing Issue
YRls 10 1992
YRls 20 1995
YRls 50 Olive-green 1993
YRls 50 Olive-green Bronze statue of Ma'adkarib, ancient king of Haram Shibam city, Hadramaut 1994
YRls 100 Purple Ancient culverts, Aden Sana'a 1993
YRls 100 Red and violet Dragon's blood tree, Socotra Agricultural terraces 2018
YRls 200 Green Alabaster sculpture Mukalla 1996
YRls 200 Yellow Zabid fortress, Al Hudaydah Governorate Hawf, Al Mahrah Governorate 2018 August 2018
YRls 250 Orange & blue Al-Saleh mosque, Sana'a Khor Al-Mukalla 2009 November 14, 2009
YRIs 500 Purple Central Bank building, Sana'a Throne of Queen Bilqis in Ma'rib 1997
YRls 500 Blue Dar al-Hajr (Palace of the Rock) Al-Muhdhar Mosque, Tarim 2001
YRls 500 Cyan Dar al-Hajr (Palace of the Rock) Al-Muhdhar Mosque, Tarim 2007
YRls 500 Light Cyan Al-Muhdhar Mosque, Tarim Dar al-Hajar 2017
YRls 1,000 Green & yellow Seiyun Palace, Hadhramaut Bab al-Yaman, San'a 1998

2004
2009
2017

August 2010
Current YER exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD
Yemeni rial
Preceded by:
South Yemeni dinar
Location: South Yemen
Ratio: 1 dinar = 26 rials
Note: Use of the Yemeni rial started in 1990,
Yemeni dinar was withdrawn from circulation in 1996.
Currency of Yemen
1990 –
Succeeded by:
Current
Preceded by:
North Yemeni rial
Location: North Yemen
Ratio: at par

See also[edit]

References[edit]

  1. ^ "Republic of Yemen". International Monetary Fund. Retrieved 26 May 2023.
  2. ^ "World Bank Editorial Style Guide 2020 - page 139" (PDF). openknowledge.worldbank.org. Retrieved 2022-09-06.
  3. ^ "Yemen currency clash deepens crisis in war-torn country". www.aljazeera.com. Retrieved 2022-03-08.
  4. ^ Ghalib bin Awadh al-Qu'aiti, The Maria Theresa Thaler in Hadhramaut: Some Reflections, The British-Yemeni Society
  5. ^ Ghalib bin Awadh al-Qu'aiti, The Maria Theresa Thaler in Hadhramaut: Some Reflections, pub. by: The British-Yemeni Society
  6. ^ Yemen new 250‑rial note confirmed, BanknoteNews.com. Retrieved 2011-09-06.
  7. ^ BanknoteNews.com Retrieved 2011-09-06.

Sources[edit]

External links[edit]

[1]