Barran Press
The Central Bank of Yemen, headquartered in the temporary capital of Aden, commenced a process of destroying unfit local currency notes of all denominations on Wednesday, August 14th, 2024.
The official Yemeni news agency Saba reported that the Deputy Governor of the Central Bank of Yemen, Dr. Mohammed Omar Banajah, inaugurated the operation.
"The destruction of worn-out banknotes of all denominations is scheduled to take place according to a specific timeline," Saba stated.
The agency emphasized that this currency destruction operation is the first of its kind since the Central Bank's relocation to the temporary capital Aden in 2016, following the introduction of a modern automated system.
Saba explained that this step is part of the Central Bank of Yemen's efforts to maintain the integrity of the financial and monetary system, protect the national currency, and strengthen its stability.
The Central Bank published images on its website showcasing the launch of the operation, depicting the destruction of bundles of damaged banknotes in the presence of the Deputy Governor and other staff.
On May 30th, the Central Bank in Aden urged all individuals, businesses, companies, other entities, financial institutions, and banks holding banknotes from the old pre-2016 printings of various denominations to deposit them within a maximum period of 60 days from the date of the announcement.
The Central Bank emphasized in a statement published on its official website that citizens, non-financial institutions, commercial establishments, and other entities without Central Bank accounts must deposit their holdings of the specified printings in commercial and Islamic banks and their branches located in liberated governorates.
The Central Bank appealed to all financial and banking institutions and citizens holding funds from that print run to respond promptly to this announcement to protect their money and serve the public good. The Bank stressed that it would not bear any responsibility for any consequences arising from a lack of seriousness in dealing with this announcement and failing to implement its contents within the specified period.
On September 18th, 2016, former Yemeni President Abd-Rabbu Mansour Hadi issued a decree relocating the Central Bank of Yemen's headquarters from Sana'a to the temporary capital of Aden.
Subsequently, the Central Bank began issuing new banknotes in denominations of 100, 200, 500, and 1000 riyals. However, the Houthi group, designated as a terrorist organization by the international community, prohibited their circulation in Sana'a and other areas under its control on December 18th, 2019, despite their widespread use due to the deterioration of previous banknotes.
