Aden — Yemeni rial has plummeted to a record low of 2,760 per U.S. dollar, marking the steepest collapse in the currency’s value since the outbreak of civil war in 2015. The unprecedented depreciation has triggered a wave of economic panic and intensified what the United Nations continues to describe as the world’s worst humanitarian crisis.

The collapse has led to a complete halt in foreign exchange operations across government-controlled areas, as money changers and traders brace for further instability. The rial’s value has now dropped by more than 1,200% since 2015, when it traded at around 215 per dollar.

The crisis is further complicated by Yemen’s fragmented financial system, with two competing central banks—one in Aden and another in Houthi-controlled Sana’a—issuing different versions of the currency, creating a two-tiered economy ripe for exploitation.