Central Bank of Yemen notifies banks in Sana’a to relocate their HQs in Aden within 60 days

Governor of Central Bank of Yemen (CBY) Ahmed Ghalib issued today, Tuesday, a decree no (17) of 2024 about relocating headquarters (HQ) of the commercial and Islamic banks as well as Micro-Finance banks from the city of Sana’a to the temporary capital Aden.

The CBY gives the banks 60 to relocate their HQ, otherwise legal measures will be taken against the banks which fail to comply with the decree.

The decree states ” Legal measures will be taken against the banks which fail to comply with the decree under the provisions of the Law of Controlling Money Laundering and Financing Terrorism and the internal bylaw of the Law”.

The CBY attributed its decree to the ongoing illegal measures against the banks operate in Sana’a by a group has been designated a ‘terrorist’, a matter that risking freezing the banks’ accounts and ceasing dealing with them externally.

The CBY noted that the Terrorist Houthi militias have taken measures to issue illegal coins that is messing up with financial and banking system in the country. The militias also prevented the banks and financial institutions from dealing with national currency, issuing illegal regulations that are set to cease the work of the banking laws and prevent banking transactions, systematically ruining the banking sector components.

The CBY confirmed that this decree is set to enable the bank to do its monitoring tasks in accordance with the law.