The Yemeni Rial (YER) is the official currency of Yemen.
It is abbreviated as “﷼” or “YER” and is used as a medium of exchange in the country.
The Yemeni rial is the only legal tender in Yemen and is regulated by the Central Bank of Yemen (CBY).
History
The history of the Yemeni rial dates back to 1965 when the North Yemeni rial was introduced, replacing the Ottoman lira.
In 1972, the South Yemeni dinar was introduced, which replaced the British Indian Ocean Territory rupee.
After the unification of North and South Yemen in 1990, the two currencies were merged, and the Yemeni rial was established as the official currency.
Central Bank
The Central Bank of Yemen (CBY) is the main regulatory authority for the Yemeni rial.
The bank is responsible for maintaining the stability of the Yemeni economy, including the exchange rate of the Yemeni rial.
The bank also regulates the commercial banks in the country and provides monetary policy guidance.
Denominations and Subdivisions
The Yemeni rial is available in the following denominations: 50, 100, 200, 250, 500, and 1,000 rials.
There are also coins available in denominations of 1, 5, 10, 20, and 50 rials. The rial is further divided into 100 fils.
Economy
Yemen is a country located on the southern tip of the Arabian Peninsula.
The country has a population of approximately 30 million people and is one of the poorest countries in the Arab world.
The Yemeni economy is largely dependent on oil exports, which account for over 70% of the country’s export revenues.
The Yemeni economy has been in crisis since 2014 when a civil war broke out in the country.
The war has resulted in significant damage to the country’s infrastructure, including its oil production facilities.
Summary:
The Yemeni rial is the official currency of Yemen and is regulated by the Central Bank of Yemen.
The country’s economy is largely dependent on oil exports, which have been significantly impacted by the civil war and COVID-19 pandemic.
The Yemeni rial is available in denominations of 50, 100, 200, 250, 500, and 1,000 rials, and is further divided into 100 fils.
Despite its challenges, the Yemeni economy continues to operate, and the Yemeni rial remains a critical component of the country’s financial system.
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