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Cash Consortium of Yemen - Flash Update 43: YER Exchange Rate Volatility March Week 4 & April Week 1

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Key findings:

• The IRG vs DFA exchange rate variation currently stands at a 512 YER difference.

• The exchange rate in IRG areas started to appreciate after the deppreciaton of the currencies purchasing power in March 2022. And in DFA areas, the exchange rate is below 600 for the first time in two years.

• The range between the maximum and minimum value of the exchange rate from Mar W4 to Apr W1 expanded in the South from 43 to 440 YER, indicating instability across exchange shops in IRG areas, and the exchange rate in the North expanded from 3 to 67 YER indicating volatility across exchange shops in the areas of interests.

• The political events such as the formation of the presidential leadership council and ceasefire have given the exchange rate a brief appreciation, but we might see changes in the coming outputs.

• An influx of USD into the Central Bank in Aden is potentially a major cause of the recent appreciation of the currency, especially in the IRG areas.

• Abyan has the highest exchange rate, while Marib has the lowest exchange rate among all the IRG areas.