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Yemen Central Bank Acts to Stop Currency Collapse, Money Laundering

Central Bank of Yemen in Aden(Saba News Agency)
Central Bank of Yemen in Aden(Saba News Agency)
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Yemen Central Bank Acts to Stop Currency Collapse, Money Laundering

Central Bank of Yemen in Aden(Saba News Agency)
Central Bank of Yemen in Aden(Saba News Agency)

The Central Bank of Yemen is taking action to address the plummeting value of the Yemeni rial and combat financial crimes. This follows the second installment of a $250 million grant from Saudi Arabia to the Yemeni government.

Despite previous efforts to stabilize the exchange rate through regular currency auctions, disruptions in oil exports due to Houthi attacks on ports have caused the rial to drop.

According to banking insiders who spoke with Asharq Al-Awsat, the second installment of Saudi aid is helping the Central Bank manage currency markets and stabilize the Yemeni rial’s exchange rate, which has been declining due to halted oil exports.

The Central Bank’s decision to auction $60 million this week is seen as a key move to halt the rial’s slide.

Since the appointment of new Prime Minister Ahmed Awad bin Mubarak, the local currency has been fluctuating.

Government-controlled exchange markets have been unstable due to irregular salary payments in recent months.

Currency exchange shops reported 1622 rials per dollar on Monday, according to traders who spoke to Asharq Al-Awsat.

At the same time, in efforts to control the banking sector and fight money laundering, the Central Bank of Yemen has received support from the Public Funds Court in Aden, Yemen’s interim capital.

This support backs the Central Bank’s requests for access to all banking transaction data from some commercial banks.

Additionally, these banks are required to provide all necessary information to the Anti-Money Laundering Unit for transaction verification. Two commercial banks have been found guilty of breaking the law.

Official sources report that the Public Funds Court in Aden has convicted Yemen International Bank. The bank was found guilty of failing to adhere to anti-money laundering and terrorism financing laws.

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Aoun: Rebuilding Lebanon is Not Difficult if Intentions are Sincere

President Joseph Aoun welcoming his visitors at the Baabda Palace (Lebanese Presidency)
President Joseph Aoun welcoming his visitors at the Baabda Palace (Lebanese Presidency)
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Aoun: Rebuilding Lebanon is Not Difficult if Intentions are Sincere

President Joseph Aoun welcoming his visitors at the Baabda Palace (Lebanese Presidency)
President Joseph Aoun welcoming his visitors at the Baabda Palace (Lebanese Presidency)

President Joseph Aoun said the Lebanese “must unite to rebuild the country, a task that is not difficult if intentions are sincere.”
He underscored the importance of forming a government that aligns with the aspirations of the Lebanese people and enables the country to recover, particularly on the economic front.
Aoun pointed out that the swift formation of a government would send a positive signal internationally, demonstrating that Lebanon is on the right track. He reiterated that everyone must rise to the occasion, stating: “Those who cannot bear the responsibility should not hold positions of authority.”
Calling for collective efforts to serve the public good, Aoun remarked that Lebanon’s strength lies in all its citizens, regardless of sectarian affiliations. He stressed the importance of mobilizing the potential of both residents and expatriates to contribute to the nation’s revival.
The president made these statements during a meeting with Catholicos Aram I of the Armenian Orthodox Church, Patriarch Ignatius Joseph III Younan of the Syriac Catholic Church, and Catholicos-Patriarch Raphael Bedros of the Armenian Catholic Church. The three religious leaders visited the presidential palace to congratulate him on his election.
“We are at a crossroads. While we have many opportunities ahead, it is up to us to either seize them or lose them. We must unite to rebuild the country, a task that is not difficult if intentions are sincere. Otherwise, we must bear the consequences of our choices,” the president said.
He continued: “We have received many positive signals and invitations from abroad. In return, we must also send positive messages. God willing, this will culminate in the formation of a government that meets the aspirations of the Lebanese people, functions effectively, and allows the country to recover, especially economically, so it can get back on the right path.”
Aoun concluded: “Lebanon has untapped potential, both at home and within its diaspora, that must be activated to serve the country. This requires an approach based on prioritizing the public interest with transparency and cooperation. This is what the world expects from us, and if we achieve it, they will support us.”