The Central Bank of Yemen issued an urgent circular to all banks operating in the country, obliging them to stop sales and purchases through electronic applications immediately, and to only transfer money from foreign accounts to the local balance only, within the framework of exceptional procedures for “ensuring the stability of the banking system and avoiding Risks.    

The text of the circular, which Scope 24 news obtained a copy of it, has three main procedures:

1. Stop all sales and purchases via electronic platforms as of the date of the publication of the circular.  

2. Transferring funds from foreign accounts to the local balance exclusively, according to mechanisms approved by the Central Bank and at market exchange rates.  

3. Preventing any violating dealings, while obliging banks to inform their customers with changes through their official channels.  

The circular emphasized that this step comes based on Law No. (38) of 1999, and organizational regulations, with the aim of "confronting the challenges arising from the recent economic changes."  

The central bank entrusted the banking control sector the task of monitoring the commitment of banks through:

- Analysis of the financial statements provided.  

- Implementing sudden field visits.  

- Warning banks of applying strict legal penalties in the event of a violation, without specifying their nature.