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Yemen’s Central Bank Launches Communications Strategy to Boost Transparency and Economic Growth

The Central Bank of Yemen today unveiled a communications strategy aimed at enhancing its transparency in communicating with the public, marking a significant step towards promoting economic stability and growth in the war-torn country. This initiative, developed with support from the United States Agency for International Development (USAID), seeks to increase public awareness and understanding of the bank’s efforts to control the money supply and ensure financial stability.

Strengthened Partnerships and Communication Mechanisms

According to Central Bank Governor H.E. Mr. Ahmed Ghaleb Al-Maabqi, the strategy strengthens partnerships with relevant authorities and enhances communication mechanisms with the public and stakeholders. The upgraded website will provide regular updates on ongoing activities and reforms, allowing for greater transparency and accountability.

Collaboration with USAID

USAID has been working closely with the Central Bank since 2017 to bolster Yemen’s economic stability and development. This collaboration has resulted in:

  • Improved money supply management
  • Stabilizing prices for the Yemeni people and businesses
  • Promoting private sector transactions and investment

Modernized Payment Systems and Regulations

USAID’s support has also enabled the Central Bank to:

  • Modernize its payment systems, providing safer and quicker electronic money transfers between banks
  • Introduce regulations for mobile money use in Yemen

Additionally, the bank now publishes a monthly Economic Bulletin, providing a snapshot of Yemen’s current economic status and related policy developments.

Strengthened Supervision and Anti-Money Laundering Reforms

These efforts have strengthened:

  • Bank supervision
  • Anti-money laundering reforms

Ensuring a safer banking system for the country, these measures have also boosted confidence among financial stakeholders and international donors. This increased transparency has paved the way for increased investment and growth in Yemen’s economy.

Conclusion

The launch of this communications strategy marks an important step towards promoting economic stability and growth in Yemen. With USAID’s support, the Central Bank is committed to enhancing transparency and accountability, ultimately benefiting the people of Yemen.