Barran Press
The Governor of the Central Bank of Yemen in the temporary capital, Aden, issued two decisions within the past 24 hours, suspending the licenses of 12 money exchange companies, bringing the total number of suspended companies and establishments to 15.
According to the Governor's decisions, published on the bank's official website and reviewed by "Barran Press," the suspended companies include Hawam and Pure Money Exchange Companies, and establishments like Top Top, Al-Sahem Al-Asra' (Fastest Arrow), and Al-Qasimi Express Exchange.
Other suspended companies and establishments include Al-Nasseri, Al-Arabi Express, Al-Hadath (Transfer Agent), Al-Saeed Express, Basma Express, and Dawood Al-Amri Exchange.
The Governor's decisions stated that the license suspensions were based on "violations confirmed by field inspection reports submitted by the Banking Supervision Sector."
On June 27th, 2024, the Central Bank suspended the licenses of three companies: Thamar Exchange, Al-Mari Exchange and its branches, and Al-Majrabi Exchange and its branches. This brings the total number of companies suspended by the bank to 15.
On June 26th, 2024, the bank issued a decision to completely and permanently cease operations of several local money transfer networks owned by banks, financial institutions, or exchange companies operating in the country.
The decision, published on the bank's official website and reviewed by "Bran Press," emphasized that banks, financial institutions, and exchange companies are required to settle pending transactions on their transfer networks within fifteen days from the date specified in Article 2 of the decision.
Regarding unpaid transfers not yet delivered to their recipients, the decision stressed the "need to submit a report to the Central Bank of Yemen headquarters in Aden, accompanied by detailed data and information regarding these transfers, within a period not exceeding twenty days from the specified date."
The decision obligated all exchange companies, establishments, and transfer agents to execute all new local financial transfers in cash only through the Unified Money Transfer Network (UNMONEY) as of the date of the decision. This immediate implementation excludes networks owned by banks, which will continue to execute local transfers alongside the Unified Money Transfer Network until July 30th, 2024.