YBA denounces threats, arbitrary decisions made by central bank in Aden

SANAA, July 16 (YPA) – The Yemen Banks Association (YBA) denounced on Tuesday the threats and arbitrary decisions made by the central bank in Aden, the latest of which was its decision to cancel the operating licenses of six of the major banks without any legal or economic justifications.

The association indicated in a statement issued today that “such decisions will have no effect other than perpetuating factors of turmoil and instability in the local financial market.”

The statement stressed that such provocative and improvised decisions and measures would only undermine the foundations on which the Yemeni banking system is based.

YPA’s statement explained that sending incitement messages against national banks, raising suspicions about their activities, and arbitrarily making false accusations against them is an irresponsible act that harms the reputation of the Yemeni banking sector.

The statement indicated that, “in light of this extremely complex situation, Yemeni banks agreed to implement progressive protest measures as a symbolic expression aimed at clarifying their position on those arbitrary decisions.”

The association called on the bank’s management to work to support the independence and impartiality of the sector, to strictly adhere to the laws and regulations regulating activity in the sector, and to avoid involving banking institutions in the midst of political tensions and conflicts.

YPA