Today, in Aden, it was announced the announcement of the founding meeting of the Unified Network for Funds Company as a closed Yemeni shareholding company comprising 47 founders of the owners of exchange companies licensed to work in Yemen

The announcement was made, under the supervision of the Central Bank, and in the presence of a representative of the Ministry of Industry and Trade

 This comes within the framework of the efforts of the Central Bank of Yemen and its procedures aimed at correcting the activity of remittances, to reduce illegal speculation in the currency exchange market, and to address price distortions of the national currency, and the large differences in the value of remittances between liberated and unliberated governorates.

It is scheduled that the establishment of the consolidated company will be followed by a decision to abolish all existing domestic remittance networks

The project to establish the unified network aims to reduce illegal transfers that take place through networks, as well as reduce illegal speculations carried out through multiple networks, which contributed to the collapse of the value of the national currency.

The consolidated network also aims to ensure the central bank’s control over domestic remittances, and subject them to international compliance standards.

At the meeting, the members of the company’s first board of directors and the secretary were elected, in addition to the selection of a legal auditor for the company’s accounts