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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 … Read more

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.    

Yemen Economic Bulletin: The Limited Efficacy of US Sanctions on Houthi Financial Networks

December 17, 2021
Since 2015, conflict-related factors in Yemen and de-risking by financial institutions abroad have led to a mass migration of financial flows from the country’s formal to the informal economy. Informal market actors have benefited greatly from this increased liquidity, foremost among them Swaid & Sons for Exchange Co., which became one of … Read more

Using IMF Support to Mitigate Currency Collapse

October 22, 2021
The value of the Yemeni rial (YR) has been collapsing dramatically since the end of August in areas nominally controlled by the internationally recognized Yemeni government. This has spurred a rapid deterioration in the living conditions of millions of people and widespread social unrest.  The International Monetary Fund (IMF) also recently … Read more

The CBY-Aden’s Crisis of Confidence – Assessing the UN Panel of Experts’ Corruption Allegations

March 26, 2021
The United Nations Panel of Experts on Yemen recently accused the internationally recognized Yemeni government, its central bank and commercial food importers in the country of colluding to embezzle nearly half a billion dollars. The accusations were included in the panel’s annual report to the UN Security Council, published on January 25, which … Read more