Central Bank of Yemen approves additional measures to address economic developments

The Board of Directors of the Central Bank of Yemen, in its meeting on Thursday, headed by Governor Ahmed Ghaleb, approved a package of additional measures to enhance the measures it had previously taken to confront unfavorable financial and economic developments.

These measures aim to enhance monetary stability and reduce fluctuations in the foreign exchange market, and will be announced and implemented during the coming period, according to a statement by the bank on its website.

The Council also approved the Central Bank’s draft budget for the fiscal year 2025 after making amendments to ensure its realism and alignment with economic developments, thus enhancing the Bank’s ability to implement its programmes and plans to advance its basic functions and deal with existing and expected challenges.

In another context, the Council discussed the strategy for developing payment systems and modernizing the banking infrastructure, with support from the World Bank, in addition to self-programs to complete the digital payments system, and took a number of decisions to enhance the efficiency of financial and banking operations.

The Board reviewed the audited financial statements of the Central Bank for the years 2021-2023, submitted by the international auditing firm (PKF), and listened to explanations from specialists in the bank’s various sectors.

In this regard, he directed the executive management to quickly complete the necessary requirements in coordination with the relevant authorities, in preparation for publishing the audited financial statements for the fiscal year 2024.