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?
Political Structure
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.
Prominent Figures
Chief of State: President Ali Abdallah Salih
Head of Government: Prime Minister Ali Muhammad Mujawwar
Governor, Central Bank: Ahmed Abdul Rahman Al-Samawi
Key Economic Factors
Overview: 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.
Industries: 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.
Agriculture products: Grain, fruits, vegetables, pulses, qat (mildly narcotic shrub), coffee, cotton; dairy products, livestock (sheep, goats, cattle, camels), poultry; and fish.
Exports commodities: Crude oil, coffee, dried and salted fish.
Imports commodities: Food and live animals, machinery and equipment, and chemicals.
Major trading partners: China, Thailand, UAE, and Saudi Arabia.
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