Including shutting down the networks. The Yemeni Central Governor makes a decision on internal financial transfer activity

The Governor of the Yemeni Central Bank in the capital, Aden Ahmed Ghalib al-Malib al-Maqib, issued a decision on domestic financial transfer activity on Wednesday.

Article 1 of the Resolution No. 23 of 2024m and published by the Yemeni News Agency (Spaaa) required a total and final suspension of local financial remittance systems owned by banks, banks, companies and banking facilities operating in the Republic.

The second paragraph of article I emphasized the banks, banks and relevant exchange companies to liquidate outstanding operations in their remittance networks within 15 days of the date specified in article 2 of this resolution.

Paragraph 3 of the same article provides that: " In respect of unpaid financial transfers not delivered to their owners, a report shall be submitted to the Central Bank of Yemen at the Principal Centre - Aden, with detailed data and information on such transfers within a period not exceeding twenty days of the specified date " .

Article III also states that all companies, exchange facilities and remittance agents have an obligation to implement all new domestic financial transfers that are implemented in cash exclusively through the Consolidated Financial Transfer Network (CIF)UNMONEYFrom the date of the decision, the Bank-owned networks are excluded from immediate implementation and local transfers continue to be implemented by the Consolidated Financial Transfer Network until 30 July 2024m.

The resolution also prohibited any internal financial transfers in monetary terms, whether for transmission or receipt by any other means or in any other manner, except for the electronic conservator, licensed pay service providers and within the ceilings established in accordance with the instructions governing such transfers.

The introduction of the Unified Transfer Network was controlled and supervised by the Central Bank within existing laws, relevant decisions and regulatory and oversight procedures established by the Bank.

The resolution stressed the need for banks, banks, companies and facilities to provide data, periodic reports, records and statistics that the Central Bank saw, in a timely manner and as defined.

Article IV of the resolution cautioned against the adoption by the Central Bank of all necessary legal measures, including the withdrawal of licences, the suspension of activity and the application of appropriate fines to banks, banks, companies, exchange facilities and transfer agents in contravention of this decision or the instructions given therein.

Earlier today, the Central Bank of Yemen sent all banks and dealers to stop dealing with 12 entities, a portfolio and an unlicensed e-paying service, promising to hold accountable those in contravention of instructions.