The Central Bank halts the license of “Ittihad Money” and closes its headquarters in Lahij.
Central Bank of Yemen Suspends “Union Mony” License
The Central Bank of Yemen, led by Governor Ahmed Ghaleb, has issued Decision No. (11) for the year 2026, which suspends the license of “Union Mony,” a money transfer agency in Lahij/Yafe. This decision also includes the closure of the agency’s premises. The action follows documented violations identified in a field report submitted by the Banking Supervision Sector.
Reasons for License Suspension
The primary reasons for suspending the license and closing the agency stem from several financial and administrative violations detected during inspections. The Central Bank emphasizes the importance of adhering to existing laws and regulations within the financial and banking sectors. Field reports revealed infractions that necessitate immediate action to safeguard the financial system.
Moreover, the Central Bank asserts that the integrity of the financial system relies on all financial institutions complying with the law. Any breach of these regulations could pose serious risks to the financial markets in the country.
Potential Market Impacts
The suspension of “Union Mony’s” license is expected to affect the remittance market in Lahij. Many citizens rely on these services for money transfers. However, the Central Bank aims to ensure that no illegal practices harm citizens or the national economy.
This move also serves as a warning to other institutions to exercise caution and comply with the law. The Central Bank is determined to enhance financial oversight to ensure the stability of the financial and economic system.
Future Directions of the Central Bank
The Central Bank reaffirms its commitment to taking strict measures against any violations, focusing on enhancing transparency and accountability in the financial sector. This decision reflects the Central Bank’s dedication to protecting the national economy and building trust in the financial system.
In conclusion, the Central Bank remains ready to collaborate with all institutions to ensure their compliance with the law. It also aims to improve the business environment in the country, contributing to sustainable economic development.
For more information, visit the original article on Yemen TV.
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