An official document signed by Ahmed Ghaleb, the bank’s governor, and seen by Reuters, stated that “the banks, banks and exchange companies concerned must liquidate the pending transactions in their remittance networks within 15 days from the date specified in Article Two of this decision.”
Regarding unpaid financial transfers that were not delivered to their owners, the decision emphasized “the necessity of submitting a report regarding them to the Central Bank of Yemen, main center – Aden, attaching to it the detailed data and information related to those transfers, within a period not exceeding twenty days from the specified date.”
The decision obligated all exchange companies, establishments, and remittance agents to carry out all new local money transfers carried out in cash exclusively through the unified money transfer network supervised by the bank in Aden, as of the date of issuance of the decision.
The Central Bank warned of taking all necessary legal measures, including withdrawing the license, stopping activity, and applying appropriate financial fines against banks, banking companies, exchange establishments, and remittance agents that violate this decision or the instructions implemented or issued pursuant to it.
A senior official at the Central Bank in Aden confirmed to Reuters on Wednesday evening that the aim of the decision is to “regulate transfers and return part of the cash liquidity to the banks.”
The official explained that this decision will also work to “reduce speculation in the local currency that takes place via networks and protect the rights of customers, which has recently appeared in the form of forgotten transfers.”
The action taken by the Central Bank comes at a time when the value of the Yemeni currency continued its sharp decline, reaching its lowest level ever against the dollar and foreign currencies in the city of Aden, where the price of the dollar exceeded the barrier of 1820 riyals.
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