500 Rials

The Central Bank of Yemen has issued multiple 500 Rial notes across overlapping series, and P#34 sits in a run produced by De La Rue during a period when the Yemeni rial was under persistent depreciation pressure — the official rate had already lost significant ground against the dollar through the early 2000s, driven partly by declining oil revenues that the Yemeni government depended on for the bulk of its budget.

De La Rue's involvement with Yemeni currency printing goes back decades, and the security specification here — watermark and thread only — reflects the lower end of their feature range, consistent with a mid-denomination note in a high-inflation environment where replacement cycles are short.