Marib gives money exchangers ultimatum to obtain new licenses

Marib gives money exchangers ultimatum to obtain new licenses

The local authority of Marib issued to money exchange businesses operating with expired licenses or no licenses at all an ultimatum to obtain new ones.

Failing to do so by 1st January 2018 will lead to the closure of businesses, seizing of assets and legal consequences against them.

Marib epitomizes the provinces where the government is present and is asserting its authority after the removal of Houthi Shiit Islamist rebels.

The Deputy Governor of Marib Abd-Rabbu Miftah issued the ultimatum during a meeting on Sunday. The meeting brought together the owners of the city's currency exchange companies, the chairman of the Central Bank of Yemen branch office, the chief of the Appeals Court, the Director General of Marib Police Department and the Director General of the Political Security Appatratus (Intelligence.)

The money exchangers were told that they have to meet any unfulfilled legal requirements by the beginning of next years as per Yemen's Law on Banks if they want to continue in the business.

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