The Central Bank of Yemen closes exchange houses to fuel traders and announces the adoption of a new official seal.

Arabian Sea Newspaper - Special

Arab Sea - Yemen - Special: The Central Bank of Yemen in Aden has issued strict directives prohibiting exchange companies and establishments from selling foreign currencies or executing any external transfers for the benefit of petroleum product traders. The Exchange Association in the temporary capital, Aden, confirmed in an official circular that these instructions are a direct implementation of the Central Bank's directives, noting that any financial transactions related to fuel imports will be conducted exclusively through banks designated by the Central Bank. This measure aims to curb illegal speculation in the currency market and reduce financial chaos, which directly affects the stability of the energy sector and local prices. The association warned exchange companies against ignoring these instructions, stressing that anyone who violates them will face deterrent measures that may lead to the permanent revocation of licenses. The decision is a severe blow to those who exploit the black market and reflects a stricter official approach to regulating financial activity related to fuel. In addition, the internationally recognized Central Bank of Yemen issued a new decision on Thursday, July 31, to suspend the licenses of exchange companies and establishments on charges of committing legal violations, amid a continuous improvement in exchange rates. The suspension decision issued by the Governor of the Central Bank, Ahmed Al-Maabaqi, included six companies and establishments: Al-Mujarabi Company, Al-Muntab Brothers Company, Noon Establishment, Saad Al-Yafei Establishment, Al-Mashaba Establishment, and Al-Muqbali Establishment, Ali Dablah Remittance Agent. With this decision, the number of exchange companies and establishments suspended by the Central Bank of Yemen since July 23 rises to 36 companies and establishments. As part of the procedures to update the bank's performance, the Central Bank of Yemen in Aden announced the adoption of a new official seal, as part of the steps to update its corporate identity, confirming the final cancellation of the use of the previous seal starting from August 3, 2025. The bank explained in an official statement that the new seal was designed according to safety standards and the updated visual identity, noting that all correspondence and transactions issued by the headquarters after the specified date will not be approved unless they are stamped with the new seal. The Central Bank called on government agencies, financial institutions, and local and international banks to verify the approved seal in all official transactions and not to recognize any correspondence or documents bearing the previous seal after the specified date.