Yemen: Central Bank of Aden's Board of Directors Discusses Plans to Deal with the Shortage of Local Currency Liquidity

Arab Sea Newspaper - News Updates

Arabian Sea - Yemen - Follow-ups: The Board of Directors of the Central Bank of Yemen discussed, during its meeting today in the temporary capital, Aden, chaired by the Governor of the Bank and Chairman of the Board, Ahmed Ghaleb, developments in the financial, monetary, and economic situation during the past period, and the executive management's plans and programs to deal with the scarcity of national currency liquidity in the local market. The meeting approved several measures that contribute to addressing the situation without prejudice to the strict policies approved by the Board to deal with factors that increase the uncontrolled money supply in order to maintain stability and restore the monetary cycle to the banking system. The meeting also reviewed the project to restructure the Banking Institute, appoint its board of directors, and approve its training programs, which will be launched soon. It also touched on the level of progress in restructuring the unified financial transfer network, expanding its membership, and upgrading its services to facilitate the flow of transfers and control over them, leading to the closure of the remaining networks that facilitated speculation and illegal and unlicensed activities, and ensuring the integration of its work with the payment systems being introduced and developed with funding from the World Bank and the implementation of the United Nations Development Program. The meeting emphasized the need to make every possible effort to complete the remaining work as soon as possible due to the importance of this network. The meeting was also briefed on a brief report from the Governor of the Bank, Chairman of the National Committee for Financing and Regulating Imports, on the activity of the committee and its executive team as one of the most important mechanisms that contribute to controlling markets, achieving stability, enhancing compliance, and combating illegal activities and classified entities, stressing the importance of integrating all official and unofficial efforts to support the work of the committee and implement its instructions in a way that serves the public interest.