Yemen Monitor / Newsroom:
The Governor of the Central Bank of Yemen in Aden, Ahmed Ghaleb, issued a decision on Tuesday to suspend the licenses of two exchange companies due to “violations committed.”
The decision includes the suspension of Khalifa Exchange and Al-Humaid Exchange, citing a report from the Bank Supervision Sector following a field inspection.
With this move, the number of exchange companies whose licenses have been revoked by the Central Bank within less than a week rises to 30 companies and entities.
In recent days, the Governor also issued a decision to relocate the headquarters of the Deposit Insurance Corporation from the Houthi-controlled capital, Sanaa, to the interim capital, Aden. This step is part of the government’s efforts to regain control over financial institutions and strengthen their independence from the armed group’s influence.
Yemen’s banking sector has witnessed a rapid and widespread expansion in recent years, with many entities operating outside the scope of strict government oversight. This has enabled foreign currency speculation, currency smuggling, and suspected activities involving money laundering and the financing of illicit operations.
The Yemeni economy continues to face major challenges amid widespread collapse across sectors. The local currency has sharply declined, with the U.S. dollar approaching 2,900 Yemeni riyals, following more than two years of halted oil exports due to Houthi attacks on oil facilities.
