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Central Bank of Yemen |
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Central Bank of Yemen
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The Central Bank of Yemen
(Arabic: البنك المركزي اليمني) was
established in 1971 and is an independent body created by Law to carry out
all the functions of a normal central bank with the paramount objective of
conducting monetary policy to keep inflation under control, stabilize the
exchange rate of the national currency and promote investment and economic
growth. |
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The management of the Bank is
entrusted to a Board of Directors with the Governor as Chairman. The head
office of the Central Bank of Yemen is located in Sanaa. However it has a
branch in each of the twenty Governorates of the country.
The Central Bank of Yemen
uses all the tools of monetary policy at its disposal in order to keep
inflation under control, stabilize the exchange rate of the national
currency and create an environment that is conducive to investment and high
growth. The Central Bank of Yemen is the body which issues the banknotes and
coins of the country. The national currency of Yemen is the Rial. |
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The Bank is the custodian of the official foreign reserves of the country,
which it invests and manages in the best interests of the national economy.
The Central Bank of Yemen maintains accounts for the commercial banks and
acts as a clearing house for their transactions. The commercial banks keep
statutory reserves with the Central Bank as a ratio of their deposits. In
Yemen, the commercial banks are free to deal in the foreign exchange market
and are allowed to keep balances in foreign currencies for their account at
home and abroad.
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Central Bank of Yemen |
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HQ
Address: |
Ali Abdul Mughni St.
Sana'a
Yemen |
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Tel: |
+967 1 274 314 |
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Fax: |
+967 1 274 082 |
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Website: |
www.centralbank.gov.ye |
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Swift Code: |
CBYEYESA |
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Currency: |
Rial |
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Banking Hours: |
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Saturday - Thursday : 8.30am -
12.00pm |
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Beside maintaining accounts
for the various Government ministries and agencies, the Bank also keeps
accounts in the name of international institutions from which it makes
payment orders to the concerned parties as instructed. The Central Bank of
Yemen supervises the banking system with a view to promoting its soundness
and protecting the interests of depositors and shareholders. There are
seventeen commercial banks in the country, four of which are Islamic.
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List of banks governed by the Central Bank of
Yemen |
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» Arab Bank Limited |
» Credit Agricole CIB |
» Cooperative and Agricultural Credit Bank |
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» Housing Bank |
» International Bank of Yemen |
» Islamic Bank of Yemen |
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» National Bank of Yemen |
» Qatar National Bank |
» Rafidan Bank |
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» Saba Islamic Bank |
» Shamil Bank of Yemen and Bahrain |
» Tadhamon International Islamic Bank |
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» The Yemen Bank for Reconstruction and
Development |
» United Bank Limited |
» Yemen Commercial Bank |
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» Yemen Gulf Bank |
» Yemen Kuwait Bank for Trade and Investment |
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