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The decision to stop dealing with some banks a sovereign action--Governor of CBY confirmed
[31/05/2024 03:40]

Governor of the Central Bank of Yemen (CBY) Ahmed Ghalib has confirmed that the CBY's decree no 20 of 2024 about halting dealing with some banks is a sovereign decision of monetary and banking nature, has nothing to do with any events or national or regional or international parties.

At press conference he held today, Friday, in Aden at the headquarters of the CBY in the temporary capital Aden, Ghalib stated that the CBY operates in accordance with the Law, not per directives or attitudes and the CBY is moving forward on implementing the decision in line with the plan.

Ghalib confirmed that the CYB is open to dialogue to reach solutions to all problems facing the banking system in Yemen and to ensure that banking system can operate independently in line with the laws and the monitoring of the CBY.

He warned that the decision should not be exploited to settle scores with the banks which included in the decision. He stated that these banks are the biggest of the banks operate in Yemen, did commit any crimes of money laundering or terrorism finances.

He said" These banks were subjected to pressures by a group designated a terrorist and they failed to arrange their situations within the period offered to them to relocate their headquarters in the temporary capital", adding " The depositors in those banks must rest assured that the banks are continuing to operate in the government-held regions and the CBY is guarantor of their funds".

The Governor of the CBY added "The practices of the terrorist Houthi militias forced the CBY to take this decision and that the headquarter of CBY since its relocated to the temporary capital of Aden mid-2016 has been dealing with banks in terms of its constitutional and legal competencies and powers. Given that the CBY is a responsible legal monetary authority in the country and the only body authorized to supervise and control banking in accordance with the constitution and Yemeni laws in force, and in coordination with the international community and international institutions specialized in financial and banking affairs and related fields."

He mentioned that "Houthi militias have begun to politicize the banking sector and violate all laws and standards by freezing and confiscating citizens' accounts because of their opposition to their repressive policies, and preventing the circulation of the new edition of the currency, which created a monetary division and a bitter reality suffered by the entire Yemeni people, especially those under their control who were deprived of the salaries that the government was paying
The Governor of the CBY pointed out that the militias have created economic stagnation within the areas they control and imposed an imaginary exchange rate through which they loot citizens' savings and remittances.

Ghalib indicated that the most serious of these violations and abuses is the minting of counterfeit currency by an illegal and illegal entity and bringing it down to circulation. He stressed that the Central Bank, in the face of these and other practices, has always been keen to do what it must do based on its constitutional and legal responsibilities and competencies, and with all possible policies and procedures in order to preserve their private-owned, public financial institutions and to save them great loses and complicities."

He reiterated that the CBY will continue to do its jobs toward the people and its institutions in cooperation with the international financial foundations and partners of brothers and friends.

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