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Yemen Economic Bulletin: Tax and Rule – Houthis Move to Institutionalize Hashemite Elite with ‘One-Fifth’ Levy
On April 29, Houthi authorities in Sana’a formally enacted new regulations on the collection and use of zakat, the Islamic obligation for individuals to donate a portion of their wealth each year to charitable causes. The executive bylaw, signed by Mehdi al-Mashat, president of the Houthi-run Supreme Political Council (SPC), imposes a khums tax … Read more
Yemen Economic Bulletin: Widening Exchange Rate Disparity Between New and Old Banknotes
Exchange rate divergence between Sana’a and Aden reached a record high by the end of August, with a Yemeni rial worth 33 percent less in Aden than in Sana’a. The rial was trading at YR805 per US$1 in the Aden parallel exchange market, compared to YR605 per US$1 in Sana’a.
The difference in value of the rial between government- and … Read more
Yemen Economic Bulletin: Another Stage-Managed Fuel Crisis
The images are familiar by now: Yemenis in Houthi-controlled territory queue at fuel stations, amid announced shortages. Meanwhile, fuel tankers build up in the Coalition Holding Area (CHA), located in international waters in the Red Sea offshore of Jizan, Saudi Arabia.
Yemen Economic Bulletin: STC’s Aden Takeover Cripples Central Bank and Fragments Public Finances
On 25 April, the Southern Transitional Council (STC) declared emergency self-rule across all southern Yemen in a direct challenge to the authority of the internationally recognized Yemeni government. This assertion of influence was quickly shown to be overly ambitious, with various southern governors rejecting the STC declaration and Yemeni … Read more