The central bank shuts down 22 licensed networks in the south and leaves bank networks in the north operational

@ Aden, NewsYemen, Exclusive: English

2020-11-25 16:02:02

A source in the Aden Money Exchange Association told "NewsYemen" that the Central Bank of Yemen in Aden closed, on Tuesday, November 24, 22 licensed transfer networks that belong to exchange companies operating in the south.

The source considered the central bank’s action to be disastrous, inflicting large losses on companies, and would eliminate money exchange companies in the south, at a time when banking networks were made operational, and the networks of exchange companies that took place in the northern control areas operate from Aden.

The source added that the unified network that the Central Bank is talking about in Aden will eliminate money exchange companies and exchange shops and offices in remote areas, as money cannot be transferred to these areas.

The source explained that the southern money transfer networks are licensed by the central bank in Aden, and they have offered a guarantee of 100 million for each network and 100 million for each exchange company, and the central bank has a main point in every network for monitoring and inspection.

The banking source confirmed that the money transfer networks in the south are in compliance with international standards, and the central bank is provided with all the data daily, and the bank has a point in every major network system, which is monitored and spread, and with it all the powers.

He pointed out that the Central Bank of Aden does not search or monitor, as if it is ready to leave, does not care about the banking sector, and leaves banks and exchange companies in the North without taking any measures, and it did not pay guarantees or enable it to monitor it.

He stressed that the unified network needs months to be ready, and the bank had to provide an alternative first and then close the networks, or request an increase in the guarantee, but this procedure destroys the banking sector and puts pressure on the riyal, especially in these circumstances.