The Marib branch of the Central Bank of Yemen (CBY) on Wednesday, July 3, 2024, denied reports circulating on social media that it had apologized for closing the branch of Al-Majrabi Exchange Company in the governorate.

In a statement received by Barran Press, the bank said, "We were surprised today, Wednesday, by the publication of false and baseless news about the Marib Central Bank arbitrating for Al-Majrabi Exchange Company." The statement described the circulating information as a "fabricated play" that the bank had no involvement in.

"We categorically deny that the bank arbitrated or apologized," the statement added. "We emphasize that we are committed to implementing the decisions of the Central Bank of Yemen." It confirmed that Al-Majrabi Exchange Company "remains closed until this moment, and the case is before the Public Prosecution."

The bank explained that the descent to the headquarters of Al-Majrabi Exchange Company's branch "came in accordance with the decision of the Governor of the Central Bank to suspend its licenses and close its branches." It noted that "all procedures were carried out in the presence of the Public Prosecution and through known legal methods."

The bank accused Al-Majrabi Exchange Company in its statement of "committing several violations during the implementation of the Central Bank's decision, starting with refusing to open the company's door to the representatives of the Public Prosecution and the bank and smuggling large amounts of cash from the company's back doors."

The statement explained that "a sum of (1.5 billion Yemeni riyals) was admitted to have been smuggled in a pickup truck before the committee arrived, in addition to a black bus loaded with cash when the committee arrived, and they were unable to stop it or catch up with it."

The statement added that "one of the company's employees brandished a weapon at the committee and security personnel, and the weapon used was seized with an official report. Also, the employees' phones were found thrown in a garbage bin."

The statement continued, "All these things raised suspicions among the committee, which forced the representative of the Public Prosecution to summon the female police and search the company manager's home, which is located in the same building. Inside the house, they found (one million US dollars, in addition to 8.7 million Saudi riyals)."

According to the bank's statement, "After about 3 hours of completing the procedures and closing the company, we were surprised by a notification from the Public Prosecution that they had received a report about the presence of the manager of the Al-Majrabi Exchange Company branch inside the company, hiding in one of the closed rooms."

The statement said that this "raises a question mark about the manager's presence throughout these hours, and what actions he took inside the company, such as modifying or deleting data, deleting camera footage, or anything else that will become clear through investigations."

The statement added that "a lawsuit was filed with the Marib Court of Appeal against Al-Majrabi Exchange Company for defamation and false claims that were issued by them in an official statement issued by the company." It indicated that it would continue "legal proceedings so that justice can prevail."

The Marib branch of the Central Bank emphasized that "the state will strike with an iron fist against anyone who dares to tamper with the national economy and harm the public interest."

On Thursday, June 27, 2024, the Yemeni bank in Aden, declared the temporary capital of the country, suspended the licenses of "Al-Mari and Al-Majrabi" exchange companies, and closed their branches until further notice.

The bank attributed the closure to the companies committing violations, which it said were proven based on the field inspection report submitted by the Banking Supervision Sector on June 24, 2024, and as needed.

The Central Bank in Aden had directed all commercial banks and exchange companies to deal with the unified network for financial transfers, which it established in February 2024, with the aim of controlling financial transfer operations.

These measures are part of larger efforts to address the challenges facing the Yemeni financial system, which has been affected by the violations of the Houthi group, which is listed as a terrorist organization by several countries. The division of the Central Bank into two branches, one in Sana'a under Houthi control and the other in Aden internationally recognized, has created an economic division that has hindered the stability of the Yemeni riyal.