The Central Bank in Aden begins establishing a new company to standardize remittances
English - Monday 12 October 2020 الساعة 08:52 am
Aden, NewsYemen:
The Central Bank of Yemen announced the start of the procedures for establishing a new company that is working on designing a unified remittance network owned by the licensed Al Saraha companies, to be an alternative to the previous local remittance network.
This came during a meeting of the bank’s supervision sector and officially licensed exchange companies, today, Sunday, in the capital, Aden, headed by the bank’s deputy governor, Shakib Al-Hubaishi.
The statement issued by the bank stated that it was also agreed to form a founding committee representing the owners of exchange companies to lay down the basic concepts for the establishment of the network, in coordination with the technical team of the Central Bank to take regulatory, legal and technical measures.
The meeting approved the start of the necessary steps to establish the new company from tomorrow, Monday, provided that the incorporation process and its completion will take place during the months of October and November 2020 AD, with the possibility of submitting a request from the Technical Committee to extend the incorporation period in case there are acceptable justifications approved by the leadership of the Central Bank.
According to the statement, the new company will start working on its unified local remittance network, upon completion of the establishment and construction procedures, and the suspension of activity and work on all other local money transfer networks.
The establishment of this company comes pursuant to Central Bank Decision No. (18) for the year 2020, regarding the establishment of a unified network of remittances, which was supported by representatives of official exchange companies, according to the statement.
