NYN | News
The Central Bank in Sana’a continues to implement strict regulatory measures to monitor foreign currency transfers and their buying and selling operations, as part of efforts focused on achieving monetary stability and protecting the rial from collapse.
These measures include monitoring expatriate remittances and regulating the activities of money exchange companies, amidst warnings about the impact of the ongoing war on the financial sector and the threat of unprecedented inflation waves due to recent U.S. sanctions.
In this context, the Yemeni Exchange Association in Sana’a issued two official circulars to exchange companies and money transfer networks on Tuesday evening. The first circular reinstates dealings with the “Hala Money” network after it was suspended last Saturday, while the second ordered the cessation of dealings with the “Shamel Express” network. According to the circulars, these decisions were in compliance with instructions from the Yemeni Central Bank.
Earlier on Tuesday, the association had announced the suspension of dealings with two local exchange companies for committing “violations,” without providing details on their nature.
It is worth noting that the Central Bank in Sana’a regularly monitors— in cooperation with the association—the suspension or reinstatement of money transfer companies and exchange firms, based on their compliance with regulations, especially regarding dealings with unlicensed entities.
These steps are part of a policy, according to observers, aimed at tightening control over the financial sector and preserving the value of the Yemeni rial in areas under the control of the Sana’a government.
