South Arabia

Central Bank in Aden discusses its development with support of American Agency (USAID)

SMA NEWS – Aden the Capital

A team of the Central Bank in Aden, headed by the Deputy Governor of the Bank, Shakib Hubeishi, discussed, on Thursday, at the bank’s headquarters in the capital, Aden, with Pragma team of experts, led by the expert in banking supervision, Pierre Sajeen, the technical support provided by the United States Agency for International Development (USAID), to improve capabilities and develop the performance of the Central Bank according to international standards.

During the meeting, the level of implementation of the component of the development of the banking supervision sector was reviewed and discussed in the context of the matrix of the amended executive plan submitted by experts and approved by the Board of Directors of the Central Bank.

The meeting also discussed the plan to develop the structure of the banking supervision sector, update its work mechanisms, and build up the capabilities of the staff to implement the tasks assigned in the plan.

Hubeishi affirmed the Central Bank’s board of directors’ support and approval of the restructuring project submitted by the experts and its keenness to implement the development plan in accordance with the specified timetable, in which he explained that the plan includes restructuring the banking supervision sector in line with the functional changes to the concept of control and its international standards and technical and informational progress on the level of the operating devices and systems, and the supply of the sector with qualified cadres to carry out the monitoring tasks and build up their capabilities to achieve the best results.

Hubeishi referred to the recent holding of the Central Bank in Aden with several development partners, led by the US Agency for International Development (USAID), the British FCDO, the World Bank and the International Monetary Fund, pointing out that the bank seeks to hold an expanded meeting that includes all development partners with the aim of coordinating the technical support provided to the Central Bank in Aden and ensuring comprehensiveness to include all the bank’s activities, develop its performance in carrying out its functions and achieve its objectives, and enhance its pioneering role in leading the banking sector, and the application of compliance standards and the foundations of modern governance.

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