In a significant enforcement action, a joint committee comprising representatives from the Public Funds Prosecution and the Central Bank of Yemen's Marib branch has shut down 13 companies and currency exchange facilities for violating financial regulations. The operation was carried out in line with directives from the Central Bank Governor, Ahmed Ghaleb, following a series of inspections that uncovered widespread non-compliance.
The Central Bank has reiterated its commitment to maintaining the integrity of Yemen's financial system, emphasizing that such actions are crucial to preventing illicit activities and protecting the economy. The crackdown is part of a broader effort to ensure that all financial institutions operate within the bounds of the law.
The committee has warned businesses operating in Marib's financial sector to adhere strictly to regulatory requirements, cautioning that failure to comply will result in severe penalties, including closure and license revocation. The enforcement action underscores the authorities' determination to uphold financial discipline and safeguard the interests of citizens and investors alike.
The crackdown comes in the aftermath of a recent fall in the value of the national currency, rial, due to speculative trading by money exchange firms.