The “Yemeni Central Bank” stops all local remittance networks – Erm...

The “Yemeni Central Bank” stops all local remittance networks – Erm...
The “Yemeni Central Bank” stops all local remittance networks – Erm...

On Wednesday, the Central Bank of Yemen suspended all local remittance networks, as part of its measures aimed at stopping the sharp decline in the value of the local currency.

The Central Bank, affiliated to the Yemeni government, issued the temporary capital Aden, A circular to the local exchange companies, to liquidate their outstanding money transfers within two days, and to finish submitting an offer within 3 days, in consultation with the supervision sector in the Central Bank, regarding working with a unified money transfer network.

Sources in the Central Bank of Yemen, in Aden, told “Erm News”, “The unified remittance network has not been completed until the moment, and it aims to place all financial transfers under direct control of the Central Bank, in a way that enhances its role in monitoring the cycle. Cash ”.

The sources considered this measure one of the most important measures taken to stop the deterioration of the local currency against foreign currencies.

Last week, the Central Bank of Yemen issued a directive to prohibit internal transfers in foreign currencies, and required banks to report daily on the movement of foreign currencies in their vaults.

The Yemeni riyal continues to drain its value against foreign currencies, as the exchange rate of one US dollar, on Wednesday, reached more than 820 Yemeni riyals, in the temporary Yemeni capital, Aden.

In a related development, the Center for Studies and Local Economic Media called for an end to the division in the management of monetary policy in Yemen, and the abolition of all unilateral measures that it said negatively affect the stability of the local currency.

In its bulletin issued on Wednesday, the center stressed the need to stop “the deficit financing policy by printing more paper money, activating non-inflationary sources and mobilizing major resources, especially oil and gas, and boosting exports of agricultural and fish products.

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