NYN | News
The Central Bank of Yemen in Aden has continued its stringent regulatory campaign against money exchange companies and establishments, announcing on Monday the suspension of licenses for four additional firms: Riyadh Al-Harwi, Badaood, Bin Safi, and Al-Numani. This move is based on documented violations detailed in field inspection reports issued by the Bank Supervision Department.
The decision is part of a broader series of measures that have so far affected 48 exchange companies and establishments, as the bank seeks to impose discipline on the financial market and combat illegal financial activities amid ongoing volatility in the currency exchange market.
In a further step reflecting an increasingly strict monetary policy, the Central Bank has lowered the ceiling for personal foreign remittances through exchange companies to just $2,000 (or its equivalent in other foreign currencies)—a sharp drop from the previous limit of $5,000 set only a day earlier.
In its circular, the bank stated that any transaction exceeding this limit would be considered a “serious violation” subject to legal action. It emphasized that the move is part of a broader strategy to rationalize foreign currency demand and protect the Yemeni rial from further depreciation.
These rapid developments reflect the Central Bank’s efforts in Aden to regain control over the exchange market amid growing economic challenges and a deteriorating trust in traditional regulatory mechanisms.
