The Central Bank of Yemen, based in the temporary capital of Aden, announced on Tuesday, August 7, 2024, that it had revoked recent decisions against banks "in implementation of government commitments and in response to the efforts of brotherly and friendly nations and international efforts to create space for reaching sustainable solutions that preserve the banking sector."

The statement, published on the bank's official website & seen by "Barran Press", was the first clarification from the bank regarding the government's and the Presidential Leadership Council's agreement to reverse the decisions at the request of the UN Special Envoy to Yemen, Hans Grundberg.

The Central Bank emphasized that it "operates within the framework of the state's general policies and directions, respecting its commitments, including the commitments of the Yemeni government within the framework of what the UN Envoy to Yemen announced on July 23, 2024."

The statement added: "We, the leadership of the Central Bank of Yemen, reaffirm our respect for the commitments of the Yemeni Republic to the international community and our serious engagement with them, in a manner that does not conflict with the provisions of the constitution and current laws, including the applicable laws and regulations and the standards for combating money laundering and terrorism financing, to preserve the banking sector and the investments and savings of Yemenis in all governorates of the republic."

The bank expressed its openness to "brotherly and friendly efforts aimed at addressing all the problems facing the banking sector, which complicate its transactions, restrict its activities, and enable it to operate in accordance with applicable national laws, ultimately alleviating the suffering of the Yemeni people."

On July 23, the office of the UN Special Envoy to Yemen announced that the internationally recognized Yemeni government and the Houthi group, designated as a terrorist organization by the international community, had agreed on several measures to de-escalate tensions regarding the banking sector and Yemenia Airlines.

The agreement, according to a statement from the Envoy's office, included "revoking recent decisions and measures against banks from both sides and refraining from any future similar decisions or measures. Additionally, it included resuming Yemenia flights between Sana'a and Jordan, increasing the number of flights to three per day, and operating daily flights to Cairo and India, or as needed."

The agreement also included holding meetings to address the administrative, technical, and financial challenges facing the company, and initiating meetings to discuss all economic and humanitarian issues based on a roadmap.

Grundberg highlighted the crucial role of Saudi Arabia in reaching this agreement, affirming the UN's readiness to work with both parties to implement the agreed-upon measures. He also offered to facilitate communication with authorities in Jordan, Egypt, and India.

As is customary with every agreement, the Yemeni government promptly implemented its commitments by halting the measures taken against banks. Meanwhile, Yemenia Airlines resumed flights from Sana'a to Jordan, Cairo, and India for the first time since 2014.

Given the Houthis' track record of reneging on agreements and circumventing them, the government side appears more pessimistic about the Houthis' seriousness in achieving a genuine breakthrough in the economic file. Member of the Presidential Leadership Council, Othman Majli, said during a meeting chaired by Council President Rashad Al-Alimi with the leadership of the local authority in Hadhramaut that "the Council is fully aware of the Houthis' intentions and their terrorist behavior."

Majli stressed that the Council's commitment to de-escalation "comes within the framework of giving the regional and international community a chance to revive the comprehensive and just peace process in accordance with its declared frameworks."

On December 23, 2023, the United Nations announced that the Yemeni parties had reached understandings to commit to a set of measures, including implementing a ceasefire encompassing all of Yemen, measures to improve living conditions in Yemen, and engaging in preparations for resuming a comprehensive political process under UN auspices.

The roadmap and peace efforts in Yemen stalled due to attacks by the Houthi group, designated as a terrorist organization by the international community, against commercial cargo ships in the Red Sea, the Arabian Sea, and the Gulf of Aden since November 2023.