Yemen

Cash Consortium of Yemen - Flash Update 11: YER Exchange Rate Volatility November Week 2 & Week 3

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Infographic
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Key findings:

• The implementation of the new transfer system through a new company continues in the areas aligned with the central bank of Yemen in Aden.

• The IRG vs DFA exchange rate variation currently stands at a 248 YER difference. From the South to the North side there has been a 41% increase, with a 29% decrease from North to South.

• The economic situation in both the North and South is still negatively affected by travel and trade restrictions as the economy attempts to rebound and rebuild.

• While remittances are continuing to hold relatively steady, remittance payments have not returned to pre-COVID levels (see CCY Remittance tool)

• Recent attacks have heightened tensions in the south which may lead to more restrictions in the future.

• The limited supply of USD continues to constrain exchange shops, and put additional pressure on the overall economy.