Central Bank of Yemen Implements Measures to Strengthen Financial Stability

The Central Bank of Yemen’s Board of Directors approved several key measures during its sixth session of 2023, held in the temporary capital of Aden. Under the leadership of Governor Ahmed Ahmed Ghaleb, the board aimed to enhance institutional performance and support financial and monetary stability.

Review of Financial and Economic Developments

The board reviewed financial and economic developments from the first half of this year. They discussed updates on both internal and external financial balances. Additionally, the board examined economic performance indicators in light of local, regional, and international changes.

Discussions highlighted the impact of these developments on the national economy. The board emphasized the need for policies and measures that would empower the Central Bank to maintain monetary and financial stability.

Performance Report and Institutional Governance

The board also discussed the annual performance report for the Central Bank of Yemen for 2025. They reviewed reports from the Audit Committee regarding the performance of various bank sectors. Furthermore, the board assessed the implementation of plans and programs, making decisions to enhance governance and oversight.

In a move to develop financing tools, the board listened to updates from the Sukuk Unit. Reports from the unit’s management and the Sharia supervisor outlined future plans aimed at aligning operations with the financing needs of development projects.

Enhancing Transparency and Cooperation with the Government

The board received a report from the Chairman of the National Committee for Organizing and Financing Imports. This report detailed the committee’s achievements during the first five months of the year. The committee approved import financing requests exceeding three billion dollars, while also working to improve operational mechanisms and efficiency.

The board stressed the importance of strict adherence to existing laws. They called for all relevant parties to comply with the decisions of the Presidential Leadership Council to unify procedures and protect state resources.

Saudi Support and Its Impact on Financial Stability

The board discussed the implementation of the state budget, praising the ongoing support from the Kingdom of Saudi Arabia. Recently, this support manifested in the release of the second tranche of budget assistance. This funding serves as a crucial resource for the government’s efforts to enhance financial stability and improve essential services.

In closing, the board appreciated the ongoing coordination between the Central Bank and the Ministry of Finance. They reaffirmed the importance of continuing the reform program to strengthen the banking sector and serve the interests of citizens and the national economy.

For more details, visit the Yemen TV Channel.

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