The team of experts confirms once again the involvement of the former central bank leadership and dealers in the Saudi deposit
English - Sunday 30 January 2022 الساعة 04:33 pm
Aden, NewsYemen, special:
The United Nations Sanctions Monitoring Team in Yemen has again accused the Central Bank of Yemen of failing to implement the Saudi Deposit Disbursement Mechanism, which is intended to finance basic commodities, which achieved net financial returns for commodity importers that exceeded one third of a billion dollars.
In its report submitted to the UN Security Council on January 25, 2022, the international expert group concerned with monitoring sanctions in Yemen said that it had verified that importers had received benefits from the Saudi deposit amounting to $370,270,000.
The report revealed that the importers who benefited from the benefits of the Saudi deposit have obtained great advantages, through the difference between market prices and the cover rates of the letter of credit approved by the Central Bank of Yemen in implementing the Saudi deposit mechanism.
The report stated that the team's investigation revealed deficiencies in the implementation of the mechanism that may have enabled importers to retain the benefits offered to them without transferring them to consumers.
Although the report contained less offensive phrases on the Central Bank of Yemen and 90 commercial companies than its previous report 2021, it confirmed that it verified that merchants benefited from the Saudi deposit without transferring it to consumers.
The new report, January 2022, included a paragraph in red that stated, “The team has determined that publication of Investigation Annex “32” with relevant stakeholders may pose a threat to individuals and entities and their activities in Yemen. Therefore, the information contained in this annex is not for publication.” This paragraph was satisfied and the appendix was left blank.
Saudi Arabia deposited $2 billion in the Central Bank of Yemen in January 2018 as part of a development and reconstruction program. This money was intended to finance credit for the purchase of commodities - such as rice, sugar, milk, and flour - to enhance food security and stabilize domestic prices.
