Barran Press
The Central Bank of Yemen, based in the temporary capital of Aden, announced on Wednesday, July 3, 2024, the suspension of licenses for seven exchange companies as part of its latest stringent measures to regulate the banking sector.
Decision No. 28 of 2024, issued by the bank, revoked the licenses of "Al-Nasser Exchange," "Al-Arabi Express Exchange," "Al-Hadath - Hawala Agent," "Al-Saeed Express Exchange," "Basma Express Exchange," and "Dawood Al-Amri Exchange ."
The decision cited violations documented in a field inspection report submitted by the Banking Supervision Sector and the need to serve the public interest as reasons for the license suspension.
Last Thursday, June 27, 2024, the bank similarly suspended the licenses of "Al-Marri" and "Al-Majrabi" exchange companies, closing their branches until further notice.
On Wednesday, June 26, 2024, the bank issued a decision to completely cease operations of several local money transfer networks owned by banks, financial institutions, or exchange companies operating in the Republic.
According to the decision published on the bank's official website and accessed by Barran Press, banks, financial institutions, and exchange companies were instructed to settle pending transactions within their respective transfer networks within fifteen days from the date specified in Article 2 of the decision.
Regarding undelivered financial transfers, the decision emphasized the need to submit a report to the Central Bank of Yemen headquarters in Aden, including detailed data and information on these transfers, within twenty days from the specified date.
The decision mandated all exchange companies, facilities, and money transfer agents to execute all new local financial transfers exclusively through the Unified Money Transfer Network (UNMONEY) effective immediately. However, networks owned by banks are exempt from immediate implementation and can continue executing local transfers alongside the Unified Money Transfer Network until July 30, 2024.