What is the Yemeni rial (YER)?
Credit Ratings & Outlook
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
In 2010 the total GDP was $31,270,054,959 in US Dollars, while the per capita GDP was $1,300. It grew by 8.02% over the previous year.
The latest unemployment rate for 2009 is 9.99%.
Consumer Price Index
The latest consumer price index for 2010 is 166.76.
The current head of the government is Prime Minister Mohammed Basindawa, and the head of state is President Abd Rabbuh Mansur Al-Hadi (in an executive role).
The Yemeni rial, denoted by the ISO code YER, is the official currency of Yemen. One rial is further divided into 100 fils. In 1994, a bloody civil war held back economic growth in Yemen. However, since then, the government began an agreement with the International Monetary Fund (IMF) to implement a thriving structural adjustment program. One part of this program included key financial and monetary reforms, including floating the rial.
Sovereign Ratings for Yemen
Yemen is not rated.
What does it look like?
Yemen’s governmental structure is a republic and consists of three branches: the executive, legislative, and judicial. The executive branch cabinet is the Council of Ministers who is appointed by the President with the advice of the Prime Minister. The president is elected for a seven-year term by popular vote. The president also appoints the vice president, prime minister, and deputy prime ministers. The legislative branch consists of a Shura Council consisting 111 seats, all of which are appointed by the president, and a House of Representatives with 301 seats whose members are elected by popular vote for six-year terms. The judicial branch consists of a Supreme Court.
Chief of State President Ali Abdallah SALIH (since 22 May 1990, the former president of North Yemen, assumed office upon the merger of North and South Yemen); Vice President Maj. Gen. Abd al-Rab Mansur al-HADI (since 3 October 1994)
Head of Government Prime Minister Ali Muhammad MUJAWWAR (since 31 March 2007)
Cabinet Council of Ministers appointed by the president on the advice of the prime minister
Elections president elected by popular vote for a seven-year term; election last held 20 September 2006 (next to be held in September 2013); vice president appointed by the president; prime minister and deputy prime ministers appointed by the president
Election Results Ali Abdallah SALIH elected president; percent of vote – Ali Abdallah SALIH 77.2%, Faysal BIN SHAMLAN 21.8%
Key Economic Factors
Yemen, being one of the Arab world’s poorest countries, has shown growth since 2000. Its economic wealth is mainly dependent on oil. Yemen has begun an adjustment program supported by the IMF in order to help Yemen by modernizing and streamlining the economy. This has helped by significantly relieving and restructuring foreign debt. Although the government has been trying to sustain a tight control over spending and to continue applying more components of the IMF program, a high population growth and domestic political problems have presented serious problems. Future plans include: diversifying the economy, promoting the tourism sector, and using Yemen’s scarce water resources more efficiently.
Crude oil production and petroleum refining; small-scale production of cotton textiles and leather goods; food processing; handicrafts; small aluminum products factory; cement; commercial ship repair.
Grain, fruits, vegetables, pulses, qat (mildly narcotic shrub), coffee, cotton; dairy products, livestock (sheep, goats, cattle, camels), poultry; and fish.
Crude oil, coffee, dried and salted fish.
Food and live animals, machinery and equipment, and chemicals.
Major trading partners:
China, Thailand, UAE, and Saudi Arabia.
1 Yemen Rial to:
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- Other Currencies Accepted:All major currencies.
- Currency Peg:No
- Black Market for Currency:Yes
- Currency Volatility:unknown
- Estimated GDP Per Capita:.19 billion (2009 est.) .06 billion (2008 est.) .32 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:Arabic