Barran Press
On Thursday, November 28, 2024, the Board of Directors of the Central Bank of Yemen concluded its tenth session by addressing critical developments in the financial and monetary sectors and related indicators.
In a statement published on its website and reviewed by Bran Press, the bank highlighted concerns about the economic outlook, citing unfavorable conditions due to the halt of key resources and a significant reduction in external support.
The board discussed various options to address these developments and tasked the executive management with communicating these issues to the Presidential Leadership Council and the government.
It emphasized the urgent need for action from the Council and government to tackle existing bottlenecks, particularly regarding salaries and services, in order to mitigate their negative impact on living standards and social stability. The statement indicated that these issues have caused disruptions in the operations of the Central Bank.
Additionally, the council addressed several important matters related to institutional reforms within the bank, capacity building, and updating automated systems and payment systems with assistance from international organizations and friendly nations.
In an earlier meeting in October 2024, the Central Bank urged the Yemeni government to reconsider its financial and economic policies, particularly regarding resource mobilization and expenditure planning according to priorities.
Simultaneously, Yemeni Prime Minister Ahmed bin Mubarak called for international support to halt the decline of the national currency, which recently fell below 2,000 riyals to the dollar. He stressed that current regional and international changes necessitate increased support from the global community for the government.