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Rial

The rial is the official currency of Iran, Oman, and Yemen, serving as the basic monetary unit in each country and derived from the Spanish word real, meaning "royal," via Arabic riyāl through historical trade routes.^[1]^[2] The term reflects the influence of European colonial silver coins, such as the Spanish real, which circulated widely in the Middle East and Indian subcontinent during the 18th and 19th centuries.^[2] While the spelling "rial" is used for these currencies, variants like "riyal" appear in neighboring states such as Saudi Arabia, Qatar, and the United Arab Emirates, all sharing the same etymological root.^[1] In Iran, the Iranian rial (IRR; Persian: ریال) has been the legal tender since its reintroduction in 1932, following an earlier issuance in 1798 that was replaced by the qiran in 1825.^[3] It is subdivided into 100 dinars, though the dinar subunit is rarely used due to the rial's low value, and prices are often quoted informally in tomans (equivalent to 10 rials).^[3] Persistent high inflation, exceeding 35% annually for years, has severely devalued the currency, with the free-market exchange rate reaching approximately 1,150,000 IRR per USD as of late 2025.^[4] In response, Iran's parliament approved a redenomination plan in October 2025 to remove four zeros from the rial over a multi-year transition, aiming to simplify transactions while retaining the currency's name; the Central Bank of Iran has up to two years to implement preparations, followed by a three-year period of dual circulation.^[4] The Omani rial (OMR; Arabic: ريال عُماني) is subdivided into 1,000 baisa and is issued by the Central Bank of Oman, pegged to the US dollar at a fixed rate of 1 OMR = 2.6008 USD since 1986, which positions it among the world's highest-valued currencies.^[5] Introduced in 1970 following Oman's independence, it replaced the Gulf rupee, which had previously circulated alongside historical coins like the Maria Theresa thaler, reflecting the country's economic stability tied to oil exports.^[6]^[7] In Yemen, the Yemeni rial (YER; Arabic: ريال يمني) functions as the official currency of the Republic of Yemen, divided into 100 fils, though fils-denominated coins are no longer minted and the subunit sees minimal practical use. Due to the civil conflict, exchange rates differ markedly between Houthi-controlled areas (around 530 YER per USD) and government-controlled areas. Adopted in 1990 following Yemen's unification, it succeeded the North Yemeni and South Yemeni rials, but ongoing conflict and economic challenges have led to depreciation, with the exchange rate in government-controlled areas recovering to approximately 1,600 YER per USD as of August 2025, amid ongoing volatility due to conflict.^[8]^[9] Despite volatility, recent government interventions have stabilized the currency, recovering nearly 30% of its value in early August 2025 through anti-inflation measures.^[10]

Etymology

Origins of the term

The term "rial" originates from the Spanish word real, meaning "royal," which denoted a unit of currency introduced as a silver coin in Castile during the mid-14th century but gained prominence with the minting of the 8-real piece (known as the real de a ocho or "piece of eight") in 1497 under King Ferdinand II of Aragon and Queen Isabella I of Castile.^[11] This coin, containing about 27 grams of high-purity silver, became a cornerstone of global trade due to Spain's colonial silver production in the Americas.^[11] Its widespread acceptance stemmed from the reliability of its silver content, making it a de facto international standard by the 16th century.^[12] The Spanish real reached the Middle East through European trade networks, particularly via Portuguese merchants who dominated the Indian Ocean and Persian Gulf routes from the early 16th century onward.^[13] Portugal's establishment of trading posts in the Persian Gulf, such as at Hormuz, facilitated the influx of Spanish silver coins into Safavid Persia and Ottoman territories, where they served as a stable medium of exchange alongside local currencies.^[14] In the Ottoman Empire and broader Islamic world, the coin became known in Arabic as riyāl (often riyāl al-frank for foreign reals), entering regional trade vocabulary during the 18th and 19th centuries as Spanish dollars circulated widely. By the 17th and 18th centuries, the real had become a common circulating coin in these regions, often referred to in trade records as a standard silver unit; for instance, European travelers noted its prevalence in Persian markets, where it complemented or displaced indigenous silver pieces like the larin.^[15] This circulation along key routes—from Portuguese India to the Gulf ports—embedded the coin's name and value in local economic practices.^[16] In linguistic adaptation, the Spanish real was transliterated into Arabic as riyāl (ريال), reflecting its "royal" connotation, and borrowed into Persian as rial (ریال).^[17] The term first entered Persian monetary usage in the late 18th century, coinciding with efforts to standardize silver coinage amid foreign trade influences; silver coins denominated in rial were issued as early as 1798 during the Qajar dynasty.^[3]

Distinction from riyal

The "rial" and "riyal" denote distinct yet related currency names used across various Middle Eastern nations, with the primary orthographic difference stemming from transliteration variations of the shared term ريال (riyal/rial in Arabic and Persian scripts). The spelling "rial" is conventionally applied to the official currencies of Iran, Oman, and Yemen, reflecting Persian linguistic conventions. In contrast, "riyal" is the standard form for the currencies of Saudi Arabia, Qatar, and historically the Hejaz, as well as former currencies in Bahrain and the United Arab Emirates prior to their adoption of the dinar and dirham, respectively, aligning with Arabic pronunciation norms that emphasize a more pronounced 'y' sound (ri-yāl).^[2]^[1] This divergence in naming arose from regional linguistic and cultural adaptations. Both terms share a common etymological origin from the Spanish real (meaning "royal"), transmitted through historical trade routes involving Spanish silver dollars in the Ottoman Empire and broader Islamic world, though this unified root is explored in detail in the etymology section. Despite these connections, the currencies operate as separate monetary units with no mutual interchangeability or legal tender equivalence.^[2] Illustrating their independent trajectories, the Saudi riyal (SAR) was formally introduced as the principal silver currency of the Kingdom in 1928 via royal decree, preceding the state's unification in 1932. Similarly, the modern Iranian rial (IRR) was established in 1932, replacing earlier qiran-based systems at a 1:10 ratio. Riyal-based currencies, exemplified by the Saudi variant, have maintained fixed pegs to the US dollar since the 1950s—initially at 3.75 SAR per USD in 1952—to ensure economic stability tied to oil revenues, whereas rial currencies like the Iranian one have experienced more variable exchange regimes, including devaluations and floating rates post-1979.^[18]^[3]^[19]

History

Early introduction in the Middle East

The rial emerged as a distinct currency unit in Persia during the late 18th century, amid increasing European trade influences that necessitated standardized silver coinage. In 1798, under Fath Ali Shah of the Qajar dynasty, the first rial coins were minted as silver pieces valued at 1,250 dinars or one-eighth of a toman, serving as a reliable medium for transactions in a period of expanding commerce with Europe.^[20] These coins reflected efforts to modernize Persia's monetary system, drawing on the widespread circulation of foreign silver, including the Spanish real, which had been used in Safavid and early Qajar Persia from the 17th to 19th centuries.^[21] In Yemen, the rial appeared as a monetary term in the 18th century, as a subunit tied to the Maria Theresa thaler—a silver coin introduced via regional trade routes. Influenced by Ottoman silver coinage and commerce across the Red Sea, the thaler became known locally as the riyal, facilitating everyday exchanges. This adoption supported Yemen's role in coffee and spice trade, providing a stable silver benchmark amid Ottoman provincial influences.^[22] Economically, the rial's early use in both Persia and Yemen stabilized silver-based trade by countering the volatility of indigenous units such as the qiran in Persia, enabling consistent valuation in cross-regional exchanges. As a silver standard, it bridged local economies with global flows of European and Ottoman coins, reducing fragmentation in mercantile networks during the 18th and 19th centuries. The term itself links etymologically to the Spanish real, underscoring foreign coinage's pervasive impact on Middle Eastern monetary practices.^[21]

20th-century developments

In the early 20th century, the Iranian rial underwent significant formalization under Reza Shah Pahlavi. In 1932, the rial was reintroduced as the primary unit of currency, replacing the qiran at par and marking a shift toward a modern monetary system.^[23] This reform decimalized the rial into 100 dinars, aligning it with international standards and facilitating economic administration.^[3] Initially, the rial was pegged to the British pound sterling at a rate of 59.75 rials per pound, reflecting Iran's economic ties to Britain amid its modernization efforts.^[3] By 1945, amid postwar economic pressures and inflation, the peg shifted to the US dollar at 32.25 rials per dollar, an adjustment intended to stabilize the currency during a period of rising prices and global realignments.^[3] Oman's adoption of the rial came later, as part of broader nation-building under Sultan Qaboos bin Said. In 1970, following Qaboos's ascension and his push for modernization and independence from foreign influences, the Saidi rial was introduced, replacing the Gulf rupee—which had been the dominant circulating currency and was equivalent to the Indian rupee.^[7] The new rial was set at par with the British pound, equivalent to 21 Gulf rupees, underscoring Oman's transition from reliance on regional and colonial currencies to a sovereign monetary framework.^[24] This move symbolized political autonomy, as Oman distanced itself from currencies like the Indian rupee used in trade and the Saudi riyal circulating in border areas.^[24] In Yemen, the rial's establishment reflected the turbulent path to republican governance. Following the 1962 revolution that ended the Zaydi imamate in North Yemen, the Yemen Arab Republic introduced the North Yemeni rial in 1964, replacing older silver-based riyals and silver coins at par to support the new state's economic consolidation.^[25] This currency, subdivided into 100 fils, drew influences from Egyptian pounds used during the republican forces' support from Egypt and British currencies in adjacent protectorates.^[25] The South Arabian dinar was introduced in 1965 and, following independence from Britain in 1967, renamed the South Yemeni dinar. In North Yemen, riyal-denominated notes were in use until unification in 1990, when the unified Yemeni rial replaced both the North Yemeni rial and South Yemeni dinar at a fixed rate of 1 dinar = 26 rials.^[25] Across the Middle East, 20th-century developments in rial currencies were propelled by post-World War II decolonization and the rise of oil-driven economies, which necessitated standardized national currencies to manage resource revenues and assert sovereignty.^[26] In oil-producing states like Iran and Oman, these reforms enabled better integration into global markets, though early challenges such as inflation in Iran highlighted the tensions between rapid economic growth and monetary stability.^[3] Decolonization waves, including Yemen's republican shifts, further encouraged rials as symbols of independence from British and Ottoman legacies, fostering regional economic coordination amid oil booms.^[27]

Iranian rial

Introduction and structure

The Iranian rial (IRR) was officially established as the national currency of Iran in 1932 by the Central Bank of Iran, replacing the qiran at par (1 qiran = 1 rial).^[3] This marked the adoption of a decimal-based system, with the rial subdivided into 100 dinars, though the dinar subunit is rarely used in practice due to the rial's low value.^[3] In everyday transactions, the rial coexists with the informal unit known as the toman, where 1 toman equals 10 rials; historically, the toman represented 1/10 of a qiran and continues to be widely used despite lacking official status.^[28] The currency's symbol is ﷼ (Unicode U+FDFC), derived from the Arabic term "riyal," and its ISO 4217 code is IRR.^[29] Iranian rial coins are issued in denominations ranging from 50 dinars to 1,000 rials, with smaller values (such as 50 dinars and 100 rials) typically made of aluminum or aluminum bronze, and higher denominations (500 rials and above) using copper-nickel alloys for durability.^[30] Banknotes circulate in denominations from 1,000 rials to 100,000 rials, printed on cotton-based paper; these feature Iranian historical sites, scholars, and motifs of national heritage like ancient monuments such as Persepolis on their designs.^[31]

Exchange rate evolution

Upon its introduction in 1932, the Iranian rial was pegged to the British pound sterling at a rate of 1 GBP = 59.75 IRR, a fixed exchange mechanism intended to stabilize the new currency amid the transition from the qiran.^[32] This peg fluctuated slightly in subsequent years due to global economic pressures, reaching 1 GBP = 80.25 IRR by 1936 before settling around 1 GBP = 68.8 IRR in 1940.^[32] In 1945, following World War II and shifting international alignments, Iran transitioned the peg to the U.S. dollar at 1 USD = 32.25 IRR, reflecting the dollar's growing dominance in global trade.^[32] This rate held steady until 1957, when it was adjusted to 1 USD = 75.75 IRR to accommodate domestic inflationary pressures and oil revenue inflows.^[32] The 1979 Islamic Revolution marked a pivotal shift, triggering hyperinflation exacerbated by the Iran-Iraq War (1980–1988) and escalating U.S. sanctions that restricted access to foreign reserves.^[33] Prior to the revolution, the official rate stood at approximately 70 IRR per USD in 1978, supported by robust oil exports. Post-revolution, the rial depreciated sharply, with black market rates climbing to around 9,430 IRR per USD by 1999 amid wartime disruptions and isolation from international financial systems.^[34] By the early 2000s, parallel market rates had reached levels near 8,600 IRR per USD, highlighting the growing gap between official controls and actual economic value.^[34] In recent decades, Iran's exchange rate system has evolved into a multi-tiered structure to manage scarcity and sanctions-induced volatility, featuring an official rate, the NIMA (non-official monetary and credit exchange) rate for exports, and a free market rate.^[35] The official rate has remained fixed at approximately 42,000 IRR per USD since 2018, primarily for essential imports and government transactions.^[36] As of November 15, 2025, the free market rate is approximately 1,130,000 IRR per USD, driven by ongoing capital flight and restricted oil sales.^[37] A currency reform proposed in 2019 to remove four zeros from the rial—effectively revaluing 10,000 old IRR as 1 new IRR—gained parliamentary approval in October 2025 and Guardian Council ratification in November 2025; the plan allows the Central Bank of Iran up to two years to implement preparations, followed by a three-year period of dual circulation, aiming to simplify transactions while retaining the currency's name and addressing hyperinflation without immediate redenomination.^[4]^[38] These dynamics stem largely from Iran's heavy oil dependency, which accounts for over 40% of government revenue, making the rial vulnerable to global price swings and export bans under U.S. sanctions imposed since 1979.^[39] The sanctions have frozen assets, limited banking access, and fueled devaluation, pushing parallel rates from 70 IRR per USD in 1978 to over 1,000,000 IRR per USD by late 2025.^[40] This persistent erosion underscores the rial's role as a barometer of geopolitical tensions and economic isolation.^[33]

Omani rial

Adoption and denominations

The Omani rial was introduced on 7 May 1970 under Sultan Qaboos bin Said, shortly after his ascension to the throne, as a unified national currency to replace the disparate system previously in use across the Sultanate, which included the Gulf rupee (pegged to the pre-1966 devaluation Indian rupee), the Saudi riyal in some regions, and the silver Maria Theresa thaler for trade.^[7] The initial Saidi rial (named after the ruling Al Said dynasty) was established at a rate of 1 rial equivalent to approximately 21 Gulf rupees, reflecting its peg to the British pound at the time.^[41] This adoption aligned with broader economic reforms during Oman's Renaissance era, transitioning from foreign-dominated monetary practices to a sovereign system managed initially by the Muscat Currency Authority.^[42] The Omani rial is subdivided into 1,000 baisa, where 1 baisa equals 0.001 OMR, providing a decimal structure for smaller transactions; notably, it lacks a dinar subunit, distinguishing it from currencies like the Iranian rial.^[43] Coins in circulation are denominated in 5, 10, 25, and 50 baisa, made primarily of cupro-nickel.^[43] Banknotes circulate in denominations of 100 baisa, ½, 1, 5, 10, 20, 50, and 100 OMR, with designs prominently featuring portraits of Omani sultans—such as the late Sultan Qaboos bin Said on earlier series and Sultan Haitham bin Tariq on recent ones—alongside iconic landmarks like the Sultan Qaboos Grand Mosque, Bahla Fort, and traditional dhow boats, emphasizing national heritage and cultural motifs.^[44] These notes incorporate advanced security features, including holograms and watermarks, issued in polymer or cotton-based substrates depending on the series.^[43] The official symbol for the Omani rial is ﷼ or RO, with the ISO 4217 code OMR.^[45] The Central Bank of Oman, established in December 1974, serves as the sole issuer and regulator of the currency, succeeding the earlier Oman Currency Board.^[42]

Peg to international currencies

The Omani rial has been fixedly pegged to the United States dollar since 1973, with the initial rate set at 1 Omani rial (OMR) = 2.895 USD until a devaluation in 1986 adjusted it to the current rate of 1 OMR = 2.6008 USD (or equivalently, 1 USD = 0.3845 OMR).^[46] This adjustment in 1986 followed global currency pressures and aimed to align more closely with Oman's economic fundamentals, particularly its oil revenues denominated in USD; the rate has remained unchanged since, despite fluctuations in international markets, as maintained by the Central Bank of Oman (CBO).^[47] The peg originated shortly after the rial's introduction in 1970, when it initially replaced the Saudi riyal and was adjusted in 1973 in response to the USD's devaluation post the 1971 Smithsonian Agreement.^[48] This fixed exchange rate regime has provided significant economic stability for Oman, an oil-dependent economy where petroleum exports—accounting for over 60% of government revenue—are priced in USD, thereby minimizing currency risk in trade transactions.^[49] The peg has contributed to low and stable inflation, averaging approximately 1-2% annually since the 1980s, fostering monetary discipline and shielding the domestic economy from imported inflation.^[50] Additionally, the predictable exchange rate environment has attracted foreign direct investment into non-oil sectors such as tourism, logistics, and manufacturing, supporting Oman's diversification efforts under Vision 2040. Despite these advantages, the peg exposes Oman to vulnerabilities from global oil price volatility, as sharp declines can strain foreign reserves and fiscal balances without the flexibility of a floating rate.^[48] However, the regime's credibility—bolstered by the CBO's interventions—ensures predictability for businesses and investors, helping to mitigate such shocks.^[51] As of 2025, the Omani rial remains one of the world's strongest currencies, with 1 OMR equivalent to approximately 2.6 USD, underscoring the enduring success of this policy.^[49]

Yemeni rial

Historical adoption

The Yemeni rial's origins trace back to the Mutawakkilite Kingdom of Yemen (1926–1962), where it served as a silver coin primarily influenced by regional trade currencies, including the Ottoman piastre and the Indian rupee, alongside the widely circulating Maria Theresa thaler. The rial was subdivided into 40 buqshas, with bronze buqsha coins facilitating everyday transactions, while silver rial denominations handled larger values; this system reflected path-dependent usage from Ottoman-era trade networks, where the thaler had largely supplanted local Ottoman coinage due to its stability and familiarity in Yemen's coffee-export economy.^[52]^[53] Following the 1962 revolution that ended the imamate and established the Yemen Arab Republic (North Yemen), the republican government introduced the Yemeni rial in 1964 through the Yemen Currency Board to replace the pre-existing Ahmadi riyal and foreign coins like the Maria Theresa thaler. This new rial was defined at 0.829427 grams of fine gold and valued at approximately 1.07 YER per USD (or 0.93 USD per YER), reflecting its gold content parity with the Maria Theresa thaler, though rates varied over time amid economic instability and civil war influences. Coins were minted in silver for higher denominations and copper for smaller ones, aiming to standardize circulation and reduce reliance on imported currencies.^[54]^[52] In South Yemen, following independence from British rule in 1967, the currency landscape was shaped by colonial legacies, with the British pound sterling and East African shilling dominating until the introduction of the South Arabian dinar in 1965, pegged at parity to the pound. Despite the official dinar, the North Yemeni rial circulated informally across the porous border due to trade ties and shared economic needs, particularly in rural and border areas where dual systems persisted under Ottoman and British influences that had fostered fragmented monetary practices. Unification in 1990 formally integrated these divided systems, ending the pre-unification era's parallel currencies.^[54]^[55]

Post-unification changes

Following the unification of North and South Yemen on May 22, 1990, the Yemeni rial, previously the currency of the Yemen Arab Republic (North Yemen), was adopted as the unified national currency, with the foreign exchange and trade systems of the two regions harmonized effective July 1, 1990, based on the northern framework.^[56] The South Yemeni dinar remained legal tender alongside the rial initially, exchanged at a fixed rate of 1 dinar to 26 rials to facilitate the transition and integrate the southern economy. This dual-currency period allowed for gradual monetary alignment amid economic disruptions, including the 1990-1991 Gulf crisis, which caused the rial's value to plummet from approximately 13 rials per US dollar in early 1991 to 26 rials per dollar by mid-year, exacerbating inflation and suspending civil service payments.^[57] By the mid-1990s, the dinar was fully phased out as legal tender, with exchange operations concluding in 1996, establishing the rial as the sole currency and completing the monetary unification process.^[56] Concurrently, the Central Bank of Yemen, formed by merging the northern and southern central banks under Law No. 21 of 1991 and headquartered in Sana'a, assumed full responsibility for currency issuance and monetary policy.^[58] To address circulation needs, low-denomination banknotes of 1 and 5 rials were replaced by coins in 1993, followed by the 10 rials note in 1995, while higher-value notes such as the 200 rials were introduced in 1996 to accommodate growing economic transactions.^[56] A pivotal reform occurred on July 1, 1996, when Yemen transitioned from a multiple exchange rate system—featuring divergent official (around 12 rials per dollar) and parallel market rates (reaching 103 rials per dollar by end-1994)—to a unified floating exchange rate regime, eliminating distortions and aligning the rial with market-determined values near 100 rials per dollar.^[56] This change, part of broader structural adjustments, reduced dollarization (foreign currency deposits rose from 9% of total in 1990 to 29% by 1999 due to instability) and supported monetary stability, though the rial faced ongoing pressures from fiscal deficits and oil revenue fluctuations.^[56] Subsequent banking reforms, including unified reserve requirements at 25% in 1995 (later reduced to 10% in 1997) and interest rate liberalization, further bolstered the rial's role in the financial system.^[56] Since the early 2000s, the rial has been impacted by political instability and economic challenges, including the 2011 Arab Spring uprisings and the ongoing civil war starting in 2014. The conflict led to a division in monetary authority, with the Central Bank of Yemen relocating to Aden in 2016, creating parallel institutions and dual exchange rates. As of November 2025, the exchange rate in government-controlled areas has stabilized around 250 YER per USD following anti-inflation measures and interventions that recovered nearly 30% of its value in mid-2025, while rates in Houthi-controlled areas remain higher due to ongoing volatility.^[8]^[10]

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https://cbo.gov.om/Pages/Currency.aspx
[44]
Omani Rial - OMR Currency details, information data and facts
Symbols: OMR/ر.ع. Currency Subunits: 1000 baisa; Central Bank: Central Bank of Oman; Monetary Policy: Currency board system maintaining USD peg. Focus on price ...
[45]
[PDF] OQ Exploration and Production SAOG PROSPECTUS
Sep 22, 2024 · ... Omani Rial has been pegged to the U.S. Dollar since 1973 and the ... 2.895 U.S. Dollars. In 1986, the rate was changed to 1 Omani Rial ...
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The Fixed Peg of the RO to the US Dollar - Central Bank Of Oman
Since the last change in parity in 1986, the fixed peg has remained unchanged at USD 2.6008 per RO. Depending on the day to day movements in the exchange rate ...
[47]
Sustaining the GCC currency pegs: The need for collaboration
Feb 19, 2018 · Saudi Arabia hard-pegged to the USD at the current rate of 3.75 Saudi riyal just after a smooth devaluation between June 1981 and June 1986.<|control11|><|separator|>
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IMF Executive Board Concludes 2024 Article IV Consultation with ...
Jan 22, 2025 · The exchange rate peg remains an appropriate and credible policy anchor for Oman. The peg has been instrumental in delivering low and stable ...Missing: regime | Show results with:regime
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Inflation, consumer prices (annual %) - Oman - World Bank Open Data
Inflation, consumer prices (annual %) - Oman. International Financial Statistics database, International Monetary Fund ( IMF ). License : CC BY-4.0. LineBarMap.
[50]
Omani rial rebounds in forwards market after c.bank assures on peg
Aug 27, 2015 · The rial has been pegged at 0.3849 to the dollar since 1986. Reporting by Andrew Torchia; Editing by Toby Chopra. Our Standards: The Thomson ...
[51]
[PDF] The International History of the Yemen Civil War, 1962-1968
This internationalized conflict was a pivotal event in Middle East history as it oversaw the formation of a modern Yemeni state, the fall of Egyptian and ...
[52]
Yemen AH 1340 1/10 riyal - CoinVarieties
Jan 12, 2021 · The fraction 1/40 riyal was known as 1 buqsha. Shown is a silver tenth riyal. No records exist defining the metal fineness, but the use of ...
[53]
Currency Arrangements and Banking Legislation in the Arabian ...
Jan 1, 1975 · In 1927, the Saudi Arabian Government introduced a Saudi Arabian silver riyal to replace various silver coins that had previously circulated in ...
[54]
[PDF] Studies in Applied Economics - BRITISH IMPERIALISM AND ...
As part of its imperial expansion in the 19th and 20th centuries, Great Britain set up currency board systems in many of its colonies. Establishing boards in ...
[55]
[PDF] Yemen in the 1990s From Unification to Economic Reform
This paper covers Yemen's unification, economic reform, political developments, macroeconomic policies, and microeconomic reforms during the 1990s.
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The Economic Dimension of Yemeni Unity - MERIP
Sep 21, 1993 · [22] By early 1991, the value of the riyal, having stabilized at about 13 to the dollar, collapsed to 26 to the dollar. The government suspended ...
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About the Central Bank of Yemen (CBY)
The Central Bank of Yemen (CBY) was established on July 27, 1971, and the law granted it the right to issue currency, organize banking and credit activities.