500 Rials

Yemen's currency situation after 2015 became administratively fractured in ways that make provenance genuinely complicated. The internationally recognized government, operating largely out of Aden and Riyadh, retained control of the Central Bank's formal relationships with foreign printers — Goznak among them. Houthi forces, holding Sana'a, controlled the original Central Bank premises and printing infrastructure. Both sides continued issuing notes under the same institutional name, creating parallel currency streams that circulated at divergent rates and were sometimes rejected outright depending on which territory a transaction occurred in.

Goznak has supplied security printing services to multiple Middle Eastern states since the Soviet period. P#39 sits within a print run ordered under those fractured conditions.