11/02/2020: Currency Devaluation
The Yemeni Rial witnessed another devaluation as the Central Bank of Yemen devalued the currency by 25% to ease foreign currency shortages and stabilize the economy.
13/10/2016: Central Bank Relocation
The internationally recognized government of Yemen relocated the Central Bank from Sana'a to Aden, causing further fragmentation in the value and availability of the Yemeni Rial.
16/09/2015: Houthi Takeover and Currency Instability
Following the Houthi rebel's takeover of the capital Sana'a, the Yemeni Rial faced further instability, resulting in hyperinflation and a depreciation of its value.
01/01/2010: Removal of 1 cent coin from circulation
Due to its low purchasing power and production costs, the 1 cent coin was withdrawn from circulation in the Cayman Islands.
27/09/2009: Government Decision
The Yemeni government announced a 9.3% devaluation of the rial as a measure to cope with the economic crisis and declining oil revenues.
01/11/2007: Transition from Crown Dependencies to Overseas Countries and Territories
The Cayman Islands, including its currency, transitioned from being labeled as a Crown Dependency to an Overseas Country and Territory.
01/01/2001: Issuance of New Banknotes and Coins
New banknotes and coins with enhanced security features were introduced to combat counterfeiting.
01/01/1999: Introduction of Cayman Islands Currency Law
The Cayman Islands Currency Law was enacted to provide a legal framework for the issuance and regulation of the currency.
01/07/1997: Pegging of the Cayman Islands Dollar to the US Dollar
The Cayman Islands dollar was pegged to the US dollar at a fixed exchange rate of KYD 1.00 = USD 1.20.
04/05/1994: Civil War and Currency Devaluation
During the Yemeni Civil War, the Yemeni Rial experienced a significant devaluation, with the exchange rate reaching around 200 rials for 1 US dollar.
22/05/1990: Yemeni Unification
The Yemeni Rial became the official currency of the newly unified country of Yemen after the merger of the Yemen Arab Republic (North Yemen) and People's Democratic Republic of Yemen (South Yemen).
07/11/1974: Creation of the Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority was established as the central bank responsible for regulating the currency and financial institutions.
01/01/1972: Introduction of Cayman Islands Dollar
The Cayman Islands dollar was first introduced as the official currency, replacing the Jamaican dollar.
26/08/1948: Currency Introduction
The Yemeni Rial (YER) was first introduced as the official currency of North Yemen, replacing the Yemeni Riyal at a rate of 1 rial = 1,000 Riyals.