The legitimate government is failing the Central Bank and granting "CAC Bank" the authority to deport "Saudi" with the support of the coalition
English - Monday 16 November 2020 الساعة 03:00 pm
Aden, NewsYemen, Exclusive:
Nothing remains of the Central Bank of Yemen's tasks - Aden, except for printing the currency and issuing advisory circulars, which the banking sector does not respond to.
“The bank lost its jobs when it was unable to manage monetary policy,” this is how a banker sums up the situation of the Central Bank today, and adds in an interview to “NewsYemen,” recently, “The Arab coalition led by Saudi Arabia and the state of Hadi gave the Cooperative Agricultural Credit Bank“ CAC Bank ”- Aden, validity to transfer the foreign currency, the Saudi riyal, outside Yemen, excluding other banks.
The Central Bank and Yemeni banks, due to external restrictions, have stopped transferring liquidity from foreign currency from Yemen to the financial center in the Kingdom of Bahrain and converting it into dollars to replenish the balances of their accounts in foreign banks since early 2015.
A senior source in "CAC Bank" confirmed to "NewsYemen" that the bank was able to transfer liquidity from the Saudi currency of the Central Bank of Yemen and other banks to the financial center in Bahrain, converting it into dollars, and replenish its foreign exchange balances in foreign banks.
The source said that the bank had launched new systems with international standards, and organizations and United Nations agencies began depositing their funds for Yemen in "CAC Bank" with the aim of strengthening the bank's capabilities of foreign exchange "dollars" to finance domestic demand.
The Central Bank - Aden has, during the past three years, required organizations and United Nations agencies to deposit their funds in its accounts, but refused, citing the sensitivity of the issue between the two parties to the conflict and the division of the authority of the Central Bank between Sana'a and Aden.
The functions of the central bank are: liquidity and cash management, foreign exchange reserves, payment systems, and sovereign debt management, as well as regulation and supervision of the banking sector, including decisions and monitoring of anti-money laundering and terrorist financing.
Since the Central Bank transferred its operations to the temporary capital, Aden, in September 2016, it has failed to restore its functions and powers, and the heavy corruption files were the most prominent, according to accusations by four governors of some of them, who traded the bank’s leadership.
The Hadi government had transferred the state-owned Agricultural Cooperative Credit Bank "CAC Bank", in early 2019, to the bank's headquarters in Aden, and took control of all foreign transfers and transactions powers, and closed them completely from the Sana'a Center.
"CAC Bank" is currently divided between two separate departments.
The Houthis control the management of the bank in Sana'a and its branches in the areas under their control, and the legitimate government controls the management of the bank in Aden and its branches in the liberated governorates.
