Statement of Condemnation
2024-07-15
The Central Bank of Yemen (CBY) condemns in the strongest terms the Houthi militia's arbitrary practices against the national banking sector, particularly the commercial, Islamic and microfinance banks whose head offices remain in the occupied capital Sana'a and their branches operating in the liberated governorates, and the militia’s use of all means of pressure, coercion, and extortion to force banks to close their branches and freeze their operations, in violation of all banking laws and norms. The CBY asserts that this irresponsible act is, on the one hand, a clear indication of the Houthi militia's dominance over this vital sector and their insistence on tampering with it and, on the other, an indicator of the inability of these banks' administrations to resist Houthi pressure and perform their banking duties in accordance with local and international banking regulations, which safeguards the integrity of the banking sector and the rights and funds of citizens, that may expose the banks and their administrations to strict legal actions by the CBY.
The CBY warns the criminal Houthi militia against continuing its reckless practices against national banks, forcing them into practices that contradict the banking practices, laws, and prevailing norms regulating banking operations to achieve empty displays and false victories, and calls on the Houthis to stop these practices and violations that have harmed Yemeni citizens, depriving them of their savings and investments, hindering their livelihoods, and nearly cutting off their connection with the world through their terrorist practices and blatant violations of laws and morals.
The CBY also urged the banks’ managements and branches to adhere to banking regulations, not succumb to militia pressure, and avoid following their instructions to avoid being subject to punitive measures.
The CBY would like to reassure the public and depositors at these banks' branches in liberated governorates that they will continue to operate, serve their clients, and fulfill their obligations as usual.
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