Yemeni rial

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Yemeni rial
ريال يمني (Arabic)
Yemeni rial.jpg
1000 Yemeni rial banknote
ISO 4217 code YER
Central bank Central Bank of Yemen
 Website www.centralbank.gov.ye
User(s)  Yemen
Inflation 12.2%
 Source 2010 est[1]
Subunit
 1/100 fils
Symbol
Coins 1, 5, 10, 20 rials
Banknotes 50, 100, 200, 250, 500, 1000 rials

The rial or riyal is the currency of Yemen. It is technically divided into 100 fils, although coins denominated in fils have not been issued since Yemeni unification.

History[edit]

In the 18th and 19th century, the riyal was traditionally associated with the Maria Theresa thaler, 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.[2]

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 On 11 June 1996, the dinar was withdrawn from circulation.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 rial against the United States dollar dropped significantly compared to 12.01 rials per dollar in early 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 had to intervene several 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.[3][4]

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
1 Yemeni rial.jpg 5 Yemeni rials.jpg 10 Yemeni rials - obverse.jpg
10 Yemeni rials - reverse.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.[5][6]

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 Shibam city, Hadramaut 1994
100 rials Purple Ancient culverts, Aden San'a 1993
200 rials Green Alabaster sculpture Mukalla 1996
Йемен 250.jpg Йемен 250 р.jpg 250 rials Orange & blue Al-Saleh mosque, Sana'a Mukalla 2009 November 14, 2009
Йемен 500.jpg Йемен 500 р.jpg 500 rials Blue Dar al-Hajar Al-Muhtar mosque, Tarim 2007
Йемен 1000.jpg Йемен 1000 р.jpg 1,000 rials Green & yellow Seiyun Palace, Hadhramaut Bab al-Yaman gate, San'a 2009 August 2010, 2012
Current YER exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From XE: AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD INR CNY

See also[edit]

References[edit]

  1. ^ The World Factbook
  2. ^ Ghalib bin Awadh al-Qu'aiti, The Maria Theresa Thaler in Hadhramaut: Some Reflections, The British-Yemeni Society
  3. ^ BTI 2014- Yemen Country Report
  4. ^ Ghalib bin Awadh al-Qu'aiti, The Maria Theresa Thaler in Hadhramaut: Some Reflections, pub. by: The British-Yemeni Society
  5. ^ Yemen new 250‑rial note confirmed, BanknoteNews.com. Retrieved 2011-09-06.
  6. ^ 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 rial started in 1990,
dinar was withdrawn 1996
Currency of Yemen
1990 –
Succeeded by:
Current
Preceded by:
North Yemeni rial
Location: North Yemen
Ratio: at par