Cash Consortium of Yemen – Flash Update 13: YER Exchange Rate Volatility December Week 2 & Week 3
Key findings:
- The IRG vs DFA exchange rate variation currently stands at a 176 YER difference. From the South to the North side there has been a 29% increase, with a 23% decrease from North to South.
- The announcement of the implementation of the Riyadh agreement has brought additional confidence to the exchange rate market in the south.
- The range of exchange rates from W2 Dec to W3 Dec widened in the south (from 36 to 82) YER and shrank in the north (5 to 4) YER.
- While remittances are continuing to hold relatively steady, remittance payments have not returned to pre-COVID levels (see CCY Remittance tool).
- The exchange rate in IRG areas has dropped below 800 YER for the first time since August