The currency of Yemen. Currency code (YER)

The official currency of Yemen is the Yemeni Rial. The Rial is sub-divided into 100 fils, although fils coins have not been issued since the unification of Yemen in 1990.

Economy

  • Yemen is one of the poorest and least developed in the Arab world, with a 35% rate of employment, declining natural resources, and a relatively young and rapidly growing population.
  • Yemen’s oil supply is much more limited than its Middle Eastern peers, leading to a much weaker economy than its neighbours.
  • Yemen's economy depends heavily on oil it produces, and his government receives most of its revenue from oil taxes. But Yemen's oil reserves are expected to be depleted by 2017, possibly leading to economic collapse.
  • Yemen has large reserves of natural gas. Liquefied natural gas production began in October 2009.

History

  • For the first few years after the unification of Yemen, both the (northern) Yemen Arab Republic Rial and the (southern) Democratic Republic of Yemen Dinar remained legal tender. A Dinar was worth 26 Rials.
  • In 1993, the first coins were issued by the Republic of Yemen, replacing the 1 and 5 rial notes. 10 rial and 20 rial coins were issued in 1995 and 2004, respectively.
  • On June 11, 1996, the Dinar was withdrawn from circulation and the Rial became the official currency of the combined entity.