Central Bank of Yemen (CBY)
Brief Introduction
The Memorandum of Understanding was signed between Central Securities Depository of Iran (CSDI) and Central Bank of Yemen (CBY) on June 20, 2022. Chief Executive Officer of CSDI, Mohammad Baghestani, and Governor of CBY, Hashem Ismail, were signatories of the MoU on behalf of their respective bodies. The MoU was signed in a ceremony hosted by Central Securities Depository of Iran during an official visit of the Yemeni delegation to CSDI headquarters in Tehran, Iran.
Objectives
Central Securities Depository of Iran and Central Bank of Yemen will establish, through this MOU, a basis of cooperation in:
- To found a central securities depository in Yemen
- To provide technical infrastructure, necessary systems and software
- To promote cross-border investment
- To establish CSD operations linkage
The parties anticipate developing a closer working relationship in the future, and wish to maintain channels of communication for exchange of information, fulfilment of mutual projects. They also look forward to visits as a chance to promote friendship and for other business purposes.
An Introduction to Central Bank of Yemen (CBY)
The Central Bank of Yemen was established in 1971. When the northern and southern sectors of Yemen reunited on 22 May 1990, the Central Bank of Yemen merged with the Bank of Yemen under the original name of “Central Bank of Yemen”. The Central Bank of Yemen 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. The management of the Bank is entrusted to a Board of Directors with the Governor as Chairman. The headquarters of the Central Bank of Yemen is in Sanaa. However, it has a branch in each of the twenty Governorates of the country.
