Yemeni Rial (YER)
19 hours agoThe Yemeni Rial (YER) serves as the official currency of Yemen, represented by the symbols “﷼” or “YER.” It functions as the primary medium of exchange within the country and is the sole legal tender, governed by the Central Bank of Yemen (CBY).
The origins of the Yemeni rial trace back to 1965, when the North Yemeni rial was introduced to replace the Ottoman lira. In 1972, the South Yemeni dinar was established, supplanting the British Indian Ocean Territory rupee. Following the unification of North and South Yemen in 1990, these two currencies were combined, leading to the establishment of the Yemeni rial as the official currency.
The Central Bank of Yemen (CBY) acts as the primary regulatory body for the Yemeni rial. Its responsibilities include ensuring the stability of the Yemeni economy, particularly the exchange rate of the rial. Additionally, the bank oversees commercial banks in the nation and provides guidance on monetary policy.
The Yemeni rial is issued in various denominations: 50, 100, 200, 250, 500, and 1,000 rials. Coins are also available in denominations of 1, 5, 10, 20, and 50 rials. Furthermore, the rial is subdivided into 100 fils.
Yemen is situated at the southern end of the Arabian Peninsula, with a population of around 30 million people, making it one of the poorest nations in the Arab world. The economy heavily relies on oil exports, which constitute over 70% of the country’s export revenues. Since the outbreak of civil war in 2014, the Yemeni economy has faced a crisis, leading to extensive damage to infrastructure, including oil production facilities.
The Yemeni rial is the official currency of Yemen, regulated by the Central Bank of Yemen. The economy is significantly reliant on oil exports, which have been adversely affected by the civil war and the 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 facing numerous challenges, the Yemeni economy continues to function, and the Yemeni rial remains a vital element of the country’s financial system.
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