As part of the ongoing work to raising the efficiency of performance in the Central Bank of Yemen (CBY), the Vice Governor, Dr. Mohammed Omar Banajah, met with the financial expert, Mr. Pierre Siguin, in (Sunday, September 4th), to discuss the latest advancements regarding the development of the third draft of the "Financial Statements Risks Matrix, part of a technical assistance project funded by the USAID and implemented in CBY by Pragma Corporation.
The meeting reviewed and discussed the stages of developing the banking system and the means of applying the international standards in Yemen. In this regard, Mr. Siguin emphasized on the high competence of the staff in CBY's Banking Supervision Sector and their great diligence displayed throughout their preparation and completion of the main structure of the commercial & Islamic banks' approved financial statements, which will be used for the automatization of data collection and data analysis as well as for the entry of data in the systems of these banks.
Meanwhile, it should be noted here that the collection of financial statements and financial data from the commercial and Islamic banks and then the entry and analysis of such data in the "Financial Statements Risks Matrix" help not only in raising and expanding the efficiency of performance in CBY's Banking Supervision Sector but also in organizing and mobilizing its on-site inspection operations.
At the end of the meeting, the Vice Governor thanked Mr. Siguin for his practical efforts in the development of the preparation scope of the financial statements in CBY's Banking Supervision Sector.