Yemen Monitor / Aden / Exclusive:
The Central Bank of Yemen, from its headquarter in Aden, issued new decisions on Sunday against a number of exchange establishments and companies. These decisions included strict punitive measures such as suspending and revoking licenses, in addition to shutting down offices.
The bank decided to suspend the licenses and close the offices of two exchange establishments:
- Abu Akram Hezam Money Transfer Agent
- Bin Obeid Express for Exchange
Another decision ordered the revocation of licenses and closure of branches of two other companies:
- Yafei Exchange Company branch in Marib (Bin Mailei Station)
- Al-Amari Company branch in Al-Bayda (Main Street)
With these closures, the Central Bank is approaching the total of shutting down and revoking licenses of 70 exchange establishments and companies.
This step comes within the framework of an ongoing regulatory campaign aimed at controlling the financial sector and limiting violations that affect market stability. The decisions were based on the laws governing exchange operations and field inspection reports that revealed irregularities.
