Informed sources revealed that the Central Bank in Aden is preparing, in the coming days, to announce the establishment of the Unified Network for Funds Company, which includes about 47 founders from the owners of exchange companies in Aden and the rest of the liberated governorates.
The sources added that all remittance networks will be canceled in exchange for the establishment of a unified remittance network from the capital of a large group of money changers under the supervision of the Central Bank in order to eliminate all suspicious operations that take place through these networks, which leads to an increase in exchange rates.
She pointed out that such a procedure will certainly work to organize financial transfers through a single network that will be under the supervision, follow-up and control of the Central Bank, and will also contribute to preventing currency speculation, and reducing the large gap in the value of the local currency and its impact on the benefits of cash transfers between governorates.
The sources concluded by saying that the Unified Funds Network Company will be launched this week, God willing, and will expand later to include more than 47 exchange companies in the liberated governorates.
Observers believe that the central bank’s move contributes to limiting illegal currency speculation, and addressing price distortions in the national currency and the large differences in the value of cash transfers between liberated and unliberated governorates.
It is noteworthy that the US dollar reached about 1,200 Yemeni riyals yesterday, with a significant and unprecedented rise.