Bank Exchange Rates for Yemen
Bank Exchange Rates for People’s Democratic Republic of Yemen - YER - Yemeni Rial - ﷼.. Coins in denominations of 1. 5, 10, 20 and 50 Rials, and banknotes in denominations of 50, 100, 200, 250, 500 and 1000 Rials are in circulation.
This the official legal tender used for all the formal financial transactions that take place in Yemen. The code of this currency is written as 'YER'. Its official and widespread use came after the union of the two countries that were previously divided but later came together to form the now known country of Yemen.
Bank Exchange Rates for Yemeni Rial
The rial became the official currency in use in Yemen after the coming together and union of the Democratic Republic of Yemen and Arab Republic of Yemen. The union was effected in 1990.However the two areas continued using their individual currencies the 'dinar' and the 'rial' until 1996 when they now began using the uniform currency.
The move of use of one currency was for convenience and ease of doing transactions in the country with a uniform exchange rate within its borders.
Currency Rate for Yemen
There are smaller denominations of the currency that are in the form of coins. The coins come in denominations of 10 rials,5 rials,10 rials and 20 rials. There used to be even 100 unit subdivision of the rial which was called 'fils'.This small denomination was, however, withdrawn from circulation in the Yemen economy.
The notes come in denominations of 50 rials,100 rials,250 rials,500 rials and 1000 rials.
These are all legal tender that circulate within the Yemen economy and are in official use in Yemen.
Currency Rates for Yemeni Rial
There is no official record of any other currency used in Yemen apart from the rial.
The government has put restrictions on the amount that can be exchanged in foreign country during importation. It also limits the amount that one can save in the country in form of foreign currency.These are moves aimed at ensuring stability of their money as a medium of exchange and in comparison to other foreign currencies.
GBP to YER
The rial replaced the dinar, which had been the currency of South Yemen – the People’s Democratic Republic of Yemen, until the unionization with the Yemen Arab Republic, and the northern Rial. The dinar was taken out of circulation in 1996. 3 years after the first Rial coins were released in 1993. The foreign exchange rates for the People’s Democratic Republic of Yemen also known as the ISO code YER or the Yemen Riel currency and as a symbol .﷼