Barran Press
The Governor of the Central Bank of Yemen in Aden, the temporary capital, Ahmed Ghalib al-Ma'abqi, issued a decision on Thursday, July 11, 2024, to suspend the licenses of six exchange companies and facilities, bringing the total number of companies and facilities whose licenses have been suspended by the bank to 26 since late last month.
According to decision number (32), published on the bank's official website and seen by Barran Press, the decision to suspend licenses includes "Al-Omari Exchange Company, Al-Qasimi International Exchange Company, and Al-Amoudi Exchange Facility."
The decision also includes suspending the "Abdulsalam Al-Maflahi Exchange Facility, Al-Shawahi Exchange Facility, and Al-Khameri Exchange Facility."
The decision stated that the licenses were suspended "based on the violations confirmed in the field inspection report submitted by the Banking Supervision Sector and as required by the public interest."
On Wednesday, July 10, 2024, the Central Bank issued decision number (31) suspending the licenses of five exchange companies and facilities, namely Abu Sand Al-Farawi Exchange Company, Al-Mursal Express Exchange and Transfers Company, in addition to "Shahera Exchange Facility, Al-Nibras Express Exchange Facility, and Al-Maharqi Exchange Facility."
Last week, the Governor of the Central Bank issued two similar decisions suspending 12 exchange facilities, after approving the closure of three companies and facilities at the end of last month, bringing the total number of suspended exchange companies and facilities to 20.
According to the Governor's decisions, published on the bank's official website, the suspended companies are "Hoam and Pure Money Exchange Companies," and facilities "Top Top, Al-Sahem Al-Asra' (Fastest Arrow), and Al-Qasimi Express Exchange."
The suspended exchange companies and facilities also include "Al-Nasseri, Al-Arabi Express, Al-Hadath (Transfer Agent), Al-Saeed Express Facility, Basma Express, and Dawood Al-Amri Exchange."
On June 27, 2024, the Central Bank suspended the licenses of three companies, namely "Thamar Exchange Facility, Al-Mari Exchange Company and its branches, and Al-Majribi Exchange Company and its branches," bringing the total number of companies suspended by the bank to 15.
On June 26, 2024, the bank suspended all operations of several local money transfer networks owned by banks or exchange companies operating in the Republic.