Yemeni rial

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Yemeni rial
ريال يمني (Arabic)
Yemeni rial.jpg
1000 Yemeni rial banknote
ISO 4217
CodeYER
Denominations
Superunit
 10dinar
Subunit
 1/100fils
Symbolر.ي, ﷼
Banknotes50, 100, 200, 250, 500, 1000 rials
Coins1, 5, 10, 20 rials
Demographics
User(s) Yemen
Issuance
Central bankCentral Bank of Yemen
 Websitewww.centralbank.gov.ye
Valuation
Inflation12.2%
 Source2010 est[1]

Yemeni rial (Arabic: ريال يمني) 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 Yemeni rial continues to fall.

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 to plummet into freefall. In northern Yemen, which is primarily controlled by Ansar Allah with support from Iran, banknotes printed after 2017 are not considered legal tender, and therefore, the exchange rate has remained stable.[2] The differences in banknotes printed before and after 2017 can be determined by its size.

History[edit]

In the 18th and 19th century, the riyal was traditionally associated with the Maria Theresa thaler, a currency that was widely in use in Yemen owing to the Mocha coffee trade with the French, and a Yemeni request that its produce be paid with thalers.[3]

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 1 dinar exchanged for 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 On 11 June 1996, the dinar was withdrawn from circulation.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 early the 1990s. Since the mid-1990s, the Yemeni rial has been freely convertible. Though it dropped from YER 20 to approximately YER 215 against the U.S. dollar since then, the rial has been stable for several years. However, since 2010 the Central Bank of Yemen had to intervene many times, resulting in a serious decline of foreign reserves. By late 2013, the Economic Intelligence Unit expects reserves to decline to approximately 1.3 months of imports over the following years, despite information that Saudi Arabia would transfer $1 billion to the Yemeni Central Bank.[4][5] Due to the war, the exchange rate for the Yemeni rial has hovered between 470 and 500 Yemeni rials for 1 US dollar.

Coins[edit]

When Yemen unified, coins had been issued in North Yemen 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 rials coins in 1995 and 20 rials in 2004.

1 rial 5 rials 10 rials 20 rials
1 Yemeni rial.jpg 5 Yemeni rials.jpg 10 Yemeni rials - obverse.jpg
10 Yemeni rials - reverse.jpg 20 Yemeni rials (behind).jpg

Banknotes[edit]

At the time of unification, Central Bank of Yemen notes in circulation were 1, 5, 10, 20, 50 and 100 rials. In 1993, the 1 and 5 rials notes were replaced by coins, with the same happening to the 10 rials notes in 1995. In 1996, 200 rials notes were introduced, followed by 500 rials in 1997 and 1000 rials in 1998. The 20 rials notes were replaced by coins in 2004. In addition, a 250 rial banknote was issued on November 14, 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 rials banknotes with revised security features and different size dimensions. In 2018, the Central Bank of Yemen reintroduced the 200 rials banknote and has issued a new 100 rials banknote.

Currently circulating banknotes (1994-2009)
Image Value Main Colour Description Date of
Obverse Reverse Obverse Reverse Printing Issue
50 rials Olive-green Bronze statue of Ma'adkarib, ancient king of Haram Shibam city, Hadramaut 1994
100 rials Purple Ancient culverts, Aden Sana'a 1993
100 rials Red and violet Dragon's blood tree, Socotra Agricultural terraces 2018
200 rials Green Alabaster sculpture Mukalla 1996
200 rials Yellow Zabid fortress, Al Hudaydah Governorate Landscape, Al Mahrah Governorate 2018 August 2018
250 rials Orange & blue Al-Saleh mosque, Sana'a Mukalla 2009 November 14, 2009
500 rials Blue Dar al-Hajr (Palace of the Rock) Al-Muhdhar Mosque, Tarim 2007
500 rials Blue Al-Muhdhar Mosque, Tarim Dar al-Hajar 2017
1,000 rials Green & yellow Seiyun Palace, Hadhramaut Bab al-Yaman gate, San'a 2009
2012
2017
August 2010
Current YER exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD USD

See also[edit]

References[edit]

  1. ^ The World Factbook
  2. ^ "Yemen currency clash deepens crisis in war-torn country". www.aljazeera.com. Retrieved 2022-03-08.
  3. ^ Ghalib bin Awadh al-Qu'aiti, The Maria Theresa Thaler in Hadhramaut: Some Reflections, The British-Yemeni Society
  4. ^ BTI 2014- Yemen Country Report
  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]

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