South Arabia

In his Meeting with Registered Exchangers in Adan, Zamam: Exchange Sector is a Complementary Cycle for Monetary and Banking Sectors

[su_label type=”info”]SMA News – Adan – Exclusive [/su_label][su_spacer size=”10″] Governor of the Central Bank of Yemen, Dr. Mohamed Zamam, headed a meeting on April 14th, 2018, in the Central Bank headquarters in Adan, with a group of registered exchange companies in Adan. Zamam asserted the role of exchange sector as a complementary cycle for banking, indicating that the Central Bank of Yemen will issue rules and regulations of registering exchange companies to protect and help these companies. In addition, he indicated that the central bank is cooperating with all banking sectors, including public and commercial banks and exchange companies to establish a commission for supporting Yemeni Riyal exchange, salaries payment and providing liquid money. He also indicated that liquid money will be available starting from April 15th, 2018, in main banks like the Yemeni National Bank, and through that trust of exchangers will be restored. He added that monitoring sector will be responsible for monitoring all banking processes and taking firm measures against any banks that manipulate the prices of check in exchange for liquid money. In response to a question about replacing damaged bill, Zamam indicated that (100) and (200) bills will be replaced according to a firm schedule while the (250) bill will be withdrawn completely. He also indicated that the bank already received the Saudi deposit (2 billion US Dollars) and is using it according to a plan to cover imports of wheat, rice, sugar and cooking oil. The bank administration will start from next June, according to international exchanges information, to cover traders’ operations through swift code.

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