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Houthis Continue to Bilk Consumers With Exorbitant Fuel Prices

August 12, 2022
On July 3, the Sana’a-based Yemen Petroleum Company (YPC) increased the official price of petrol by 9 percent, from YR640 t0 YR700 per liter, in areas under the control of Houthi authorities. Since last June, Houthi-controlled cities have suffered from continuing shortages of diesel, leading to wide divergences in prices at official, commercial a…

Addressing the Crushing Weight of Yemen’s Public Debt

July 20, 2022
For decades prior to the ongoing conflict, Yemen had been vulnerable to recurring budget deficits due to a lack of meaningful fiscal reform, high recurrent expenditures – mainly public sector salaries and fuel subsidies – and an overdependence on oil revenues. While foreign debt obligations remained low, the debt market was poorly diversified, with…

Rial Depreciates Amid Delays in Pledged Saudi, Emirati Support

July 11, 2022
New Yemeni rial banknotes witnessed cyclic volatility over the course of June, depreciating by 10 percent relative to the United States dollar. Printed since 2017 and circulating in government-controlled areas, new rials lost almost 13 percent of their value in the first half of the month alone, falling from YR1,020 per US$1 to a low of YR1,150 o…

Russia-Ukraine War Spurs Warnings of Imminent Food Crisis

June 9, 2022
Yemen faces an imminent food crisis stemming from the Russian invasion of Ukraine, according to the UN, international organizations, Yemen’s largest wheat importer and others. Yemen, which imports up to 90 percent of its basic food needs, is highly vulnerable to exchange rate volatility, price shocks in international markets and disruptions in glob…

Economic War Set for Escalation Following Riyadh Consultations

May 4, 2022
The official economic outcomes from the inter-Yemeni consultations in Riyadh in April were flawed, unfinished and of questionable utility from a policy or governance standpoint. What they were useful for, however, was as a bellwether for gauging the intentions of the internationally recognized Yemeni government moving forward, pointing toward a des…