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CBY to Establish New Electronic System

The Central Bank of Yemen (CBY), based in the interim capital Aden, is going to establish a new electronic system aimed to follow transactions, government-run Saba News said on Sunday.

“The CBY has been currently working on establishing an electronic system to directly follow the movement of the transactions of letters of credits by the commercial bank or the client,” Governor of (CBY) Hafez Meayad said.

Meayad statement came as he chaired periodic meetings with, commercial and Islamic banks. The session aimed to discuss banking action to activate trade through opening letters of credits to import basic commodities and invigorate monetary cycle.

Meayad stated that the CBY is interested in offering every necessary support for the banks to help them managing challenges they are facing.

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