CENTRAL BANK OF YEMEN

The Central Bank of Yemen ا(CBY) was established on July 27, 1971, and the law granted it the right to issue currency, organize banking and credit activities, and manage the country's reserves of gold and foreign currencies, in addition to representing the government in any agreement to which the Yemen Arab Republic was a party. The bank law included fourteen chapters, specifying the bank’s tasks, competencies, and capital at ten million riyals, owned by the government alone, to which net profits belonged. Since the issuance of Decree No. (119) of His Excellency, the President of the Republic, Abdo Rabbo Mansour Hadi, for the year 2016, on moving the headquarters and operations management of the Central Bank of Yemen (CBY) from Sana’a to the temporary capital of Aden, based on which the CBY obtained local, regional and international recognition, we can say that the practical beginnings were not really easy. By that time, the CBY's branch had lost many of its previous performance capabilities and its key functions, in addition to the complexities of the political and economic environment surrounding the bank's activity.