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.
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.
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.
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.
To follow the news in Arabic
Protest in Geneva Calls for Lifting Siege on Taiz A protest held in Geneva urged…
Sheikh Othman Majli Inspects Fourth Emergency Brigade in Saada Sheikh Othman Majli, a member of…
Prime Minister Visits Technical Institute in Al-Mualla On Thursday, Dr. Sha'if Mohsen Al-Zandani, the Prime…
Armed Forces Conduct 982 Targeted Operations in 24 Hours The Armed Forces announced that within…
Human Rights Seminar in Marib Calls for International Action to Lift Taiz Siege A human…
Minister of Planning Discusses Humanitarian and Development Cooperation with UK Ambassador Minister of Planning and…