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Saudi and Emirati Financial Support Buoys Yemeni Rial

May 3, 2022
On April 7, Saudi Arabia and the UAE announced US$1 billion each in new financial support for the Central Bank of Yemen in Aden, with Riyadh pledging a further US$1 billion to support development projects and fund fuel imports in government-held areas. The announcement was among the outcomes of the Riyadh consultations, and reaction in the Yemeni c…

Money Exchangers Eye Windfall from Rial’s Recent Gains

April 7, 2022
The value of Yemeni rials increased dramatically today, April 7, following the announcement of US$3 billion in new Saudi and Emirati support for the internationally recognized Yemeni government. However, there are strong signs already from the money market that the rebound will be temporary. Consultations in Riyadh between Yemeni parties to the an…

Economics

April 7, 2022
The fuel crises that erupted in both government- and Houthi-controlled areas in January continued throughout March. By mid-March, the authorities in Sana’a had increased the commercial price of gasoline by 43 percent to YR16,000 for a 20-liter tank, while the same quantity on the black market sold for YR26,000 (both priced in old rials, issued pr…

Economic Developments

March 15, 2022
In January and February, a fuel crisis erupted in both Houthi- and government-controlled areas of Yemen. In Houthi-controlled areas, the crisis emerged in mid-January, intensified thereafter and continues at the time of writing. Thousands of cars line up, sometimes for days, in front of the few commercial gas stations that remain open, while on t…

Challenges and Prospects for Electronic Money and Payment Systems in Yemen

March 7, 2022
This paper examines the existing regulations surrounding the use of e-money in Yemen, its attempts to adopt e-money services both before and during the conflict, the major players and state of infrastructure in the sector, and the challenges and prospects facing greater adoption of electronic currency in the country.