President Al-Zubaidi Reviews Central Bank Measures to Regulate Financial and Banking Sector

REPORTS - 6 days ago

South Eye | Aden Capital

President Commander Aidarous Qassem Al-Zubaidi, President of the Southern Transitional Council (STC) and Vice President of the Presidential Leadership Council, met today, Saturday, in the capital Aden, with the Central Bank Governor, Ahmed Ghaleb Al-Maabqi.

During the meeting, President Commander Al-Zubaidi was briefed on the Central Bank's operations and the measures being taken to regulate the financial and banking sector. These efforts aim to halt the rapid depreciation of the local currency, maintain market stability, provide necessary liquidity to fund import expenses, disburse government employee salaries, and secure fuel for power generation Stations.

The President Commander also received a detailed explanation of ongoing procedures to complete the relocation of major commercial and Islamic banks' headquarters to Aden Capital, as well as the oversight mechanisms in place to ensure their compliance with international standards for anti-money laundering (AML) and counter-terrorism financing (CFT). These measures are designed to streamline banking services and enhance commercial activity in line with globally recognized standards.

The discussion also addressed the legal actions taken by the Central Bank to counter the severe repercussions of the Houthi terrorist militia's illegal printing of currency, which poses an additional threat to the country's economic and humanitarian stability.

President Commander expressed his full support for the Central Bank's leadership, emphasizing the need for continued coordination and integration among all relevant entities to preserve the remaining economic balance and alleviate citizens' suffering under the current circumstances.