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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 on … Read more

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 … Read more

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 … Read more

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 … Read more

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 … Read more