The Central Bank of Yemen’s Board of Directors wrapped up its fourth session of 2025 on Monday. The meeting took place at the bank’s headquarters in the temporary capital, Aden, under the leadership of Governor Ahmed Ahmed Ghaleb. All board members attended the session.
During the meeting, the board welcomed two new members, Dr. Hussein Al-Malasi and Adnan Abdul Jabbar. The board expressed confidence in their ability to enhance the board’s efficiency and contribute to the Central Bank’s performance and the national economy.
The two-day meeting focused on current financial and economic developments. Board members reviewed the bank’s efforts to mitigate the negative impacts of resource shortages, both local and foreign. These shortages stem from terrorist attacks by the Houthi group on oil export ports, which have deprived the Yemeni people of vital resources. Consequently, these attacks have directly affected living conditions across various governorates, including areas controlled by militias.
The board discussed measures the Central Bank has implemented to safeguard the Yemeni banking system and reduce the economic repercussions of these attacks. They highlighted efforts to mobilize resources to meet the state’s essential obligations, including salary payments and the provision of basic services.
The board noted that since October 2022, the bank has provided approximately $2.4 billion in funding to cover the state’s budget deficit. This funding came from local and foreign resources without resorting to inflationary financing, ensuring economic stability in line with the bank’s strict policies.
The board emphasized the urgent need for reforms in resource management and public spending. They stressed the importance of collaboration among all state institutions and authorities, viewing this as a national duty that cannot be postponed.
The board appreciated the significant support from the Presidential Leadership Council and the government, as well as from friendly and sister institutions and international financial organizations. They specifically acknowledged the assistance from Saudi Arabia and the United Arab Emirates, which has helped alleviate many bottlenecks. The board expressed hope for continued and enhanced support to navigate the challenging and exceptional circumstances.
The board addressed several important issues, including support for banks and financial institutions that have resumed operations in Aden. They discussed facilitating the restructuring of these institutions and ensuring their continued relationships with correspondent banks and regional and international financial entities. Additionally, the board explored ways to enhance these institutions’ compliance with international standards and avoid the effects of sanctions.
The board approved the technical and administrative arrangements to begin implementing the payment systems project funded by the World Bank. They also committed to completing the bank’s financial statements for previous years to comply with legal requirements and enhance transparency.
In conclusion, the board reviewed the bank’s plan for institutional development. They aimed to address shortcomings identified in diagnostic reviews of programs funded by development partners. This includes activating the Banking Studies Institute, updating capacity-building programs, strengthening internal oversight, and enhancing mechanisms to combat money laundering and terrorism financing.
For more details, visit Yemen TV.
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