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Currency of Yemen

The rial ([[wikt:rial; sign: ﷼; abbreviation: YRl (singular) and YRls (plural) in Latin, ,ر.ي in Arabic; ISO code: YER) 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 the Yemeni rial has fallen significantly. 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's value to plummet. However, in northern Yemen, which is primarily controlled by Ansar Allah with support from Iran, banknotes printed after 2017 are not considered legal tender. Therefore, the exchange rate has remained stable. The differences in banknotes printed before and after 2017 can be determined by its size.

In the 18th and 19th century, the rial was traditionally associated with the Maria Theresa thaler, a currency that was widely used in Yemen owing to the Mocha coffee trade with the French, and a Yemeni request that its produce be paid for in thalers. 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 an exchange rate set at 1 dinar to 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 On 11 June 1996, the dinar was withdrawn from circulation.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 the early 1990s. Since the mid 1990s, the Yemeni rial has been freely convertible. Though it dropped from YRls 20 to approximately YRls 215 against the US dollar since then, the rial was stable for several years. However, since 2010 the Central Bank of Yemen has had to intervene many times to protect the currency's value, resulting in a serious decline of foreign reserves. Due to the war, the exchange rate for the Yemeni rial has hovered between 250 and 500 Yemeni rials for 1 US dollar.