The Taiz governor emphasizes the central bank’s crucial role in stabilizing the currency and combating the black market.

Central Bank’s Role in Currency Stability Highlighted by Taiz Governor

Taiz Governor Emphasizes Importance of Central Bank

Nabil Shamsan, the Governor of Taiz, underscored the crucial role of the Central Bank in strengthening monetary policy and stabilizing the national currency. During his visit to the Central Bank branch in the province, he emphasized the need to combat the black market effectively.

Strengthening Currency Value and Monitoring Exchange Rates

Governor Shamsan called for the Central Bank to intensify its efforts and enhance field monitoring of banks, exchange companies, and their branches. He stressed that authorities would not tolerate any violations. This proactive approach aims to protect the integrity of currency exchange rates and prevent manipulation.

Local Authority Support for the Central Bank

The local government stands ready to provide all necessary support to facilitate the Central Bank’s operations. Governor Shamsan assured that any challenges faced by the bank would be addressed promptly to ensure its effectiveness.

Central Bank’s Actions Against Violations

In response, Adel Dhawan, the director of the Central Bank branch in Taiz, outlined the measures taken to maintain exchange rate stability and combat the black market. He reported that field monitoring teams identified approximately 20 violations by various banks and exchange companies. Consequently, the Central Bank’s leadership in Aden decided to suspend these entities and submitted 12 additional violations for further action.

This concerted effort reflects the commitment of both local authorities and the Central Bank to uphold economic stability in Taiz and beyond.

For more details, visit Yemen TV.

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