It will contribute to the prevention of currency speculation … the central bank publishes the network of unified remittances


An official source at the Central Bank of Aden branch revealed that today, Tuesday, August 28, a ceremony will be held to announce a network for unified remittances in the Central Bank of Yemen in the capital, Aden, and the members of the company’s first board of directors will be elected.

The source explained that the company will be a closed Yemeni shareholding, and includes about 47 founders from the owners of exchange companies in Aden and the rest of the liberated governorates.

He 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.

This step aims to organize remittances through a single network under the supervision, follow-up and control of the Central Bank. It will also contribute to preventing currency speculation, reducing the large gap in the value of the local currency and its impact on the benefits of cash transfers between governorates.

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