Economist calls on banks in Houthi areas to work with the Central Bank of Aden to avoid US sanctions

Mustafa Nasr, head of the Center for Economic Studies and Media, called on the banking sector in the areas controlled by the Houthis to intensify efforts to confront the repercussions of US sanctions, hours after US sanctions against the Bank of Yemen and Kuwait.

In a post on social media, Nasr stressed "the need to work closely with the internationally recognized Central Bank of Yemen in Aden to ensure the stability of the banking sector and mitigate the negative effects of these sanctions."

Nasr stressed that adherence to international compliance standards for combating money laundering and terrorist financing has become an urgent necessity for Yemeni banking sector institutions, noting that cooperation with the Central Bank in Aden is the best way to overcome the challenges resulting from the acceleration of sanctions on Yemeni banks and exchange companies.

He pointed out that the US sanctions, although aimed at limiting the financing of the Houthi group, their impact extends to the national economy in general, which increases the suffering of the Yemeni people. He also warned of the danger of the Houthi group’s interference in the banking sector.

The head of the Center for Economic Studies and Media called on the Houthi group to "stop these practices that threaten the stability of financial institutions and weaken their ability to continue."

He stressed the need for the banking sector to combine efforts with official bodies to enhance international confidence in the Yemeni financial system and ensure the continuity of banking services in a way that serves the interests of the economy and the people.

Earlier today, the US Treasury issued a decision to impose sanctions on the Bank of Yemen and Kuwait, as a result of its financing of the Houthis.