Yemen Monitor/ Sana’a/ Exclusive:
The Yemen Bank for Reconstruction and Development (YBRD), one of Yemen’s oldest banking institutions, announced the relocation of its headquarters to the interim capital of Aden, effective mid-July.
This move comes in response to directives from the Central Bank of Yemen amid concerns about the financial sector in Houthi-controlled areas being impacted by US sanctions following the full designation of the Houthis as a terrorist organization by the US.
The bank stated that the decision to relocate was made in line with the steps taken by other banks and to serve the bank’s interests, safeguarding it from any anticipated measures that might be issued by the US Treasury Department.
Several banks in Houthi-controlled areas had already relocated their headquarters from Sana’a to Aden, amidst Houthi concerns about the impact on liquidity in their areas of control.
On Sunday, the Houthis launched a new 50-rial coin, which drew strong condemnation from the internationally recognized Central Bank of Yemen, which warned of international sanctions for banks and exchange companies that deal with the currency issued by the Houthis.
