YBA strongly rejects illegal measures taken by Central Bank in Aden

SANAA, June 03 (YPA) – The Board of Directors of the Yemeni Banks Association (YBA) on Tuesday expressed its strong disapproval of the Central Bank’s initiative to establish a new administrative body in Aden.

The association, which was established under Article 80 of Banking Law No. 38 of 1998, aims to safeguard the interests of its member banks and foster cooperation for mutual benefit.

In its meeting held in Sanaa, the board of the association affirmed that the Central Bank’s actions in Aden are deemed illegal and contravene existing laws and regulations.

The association clarified in a statement that it operates from its official headquarters in Sanaa under the direct supervision of its board and general assembly.

The central bank in Aden has been accused of overreaching its jurisdiction and breaching laws governing its activities and authorities, according to the statement.

The association also noted that the central bank in Aden included recently established bank representatives who are not verified members of the association and allowed them to vote in forming an administrative body. The association has rejected all measures taken during this initiative, considering them illegal and initiated by unauthorized parties.

The board called for the neutrality of the financial sector and appealed to all parties to avoid undermining its independence or dragging it into political disputes and conflicts.

The association urged the Central Bank in Aden to respect its independence and cease any activities or practices that negatively impact the banking sector’s operations and stability.

YPA