Central Bank of Yemen

In the last six days of August the Yemeni rial entered one of its steepest and most rapid declines in value since the conflict began, resulting in sudden price spikes for basic foodstuffs. Given Yemen’s overwhelming dependence on imports to feed the population, such changes in the rial’s value have direct implications for the country’s humanitarian crisis.

At the end of July the Yemen conflict seemed poised to take on much broader regional and global dimensions, as Saudi Arabia halted oil shipments through the Bab al-Mandeb Strait off Yemen’s Red Sea coast. Iran declared the sea “no longer secure,” and Israel threatened military intervention if Houthi forces attempted to close the strait to shipping (see ‘Riyadh Halts…

In early 2017 the United Nations (UN) declared that Yemen was enduring the single largest humanitarian crisis in the world. By year’s end, UN agencies estimated that 17.8 million people in Yemen were food insecure and 8.4 million were at risk of famine. Economic and public service collapse left more than 16 million Yemenis without access to safe water and…