Latest news with #CBY
28-02-2025
- Business
EU Ambassadors conclude visits to Mukalla, Aden
In Mukalla they met with PLC VP Faraj al-Bahsani and Governor Mabkhout bin Madhi and attended the opening of the exhibition "Hadhramaut through the eyes of a Dutch diplomat " sponsored by the Netherlands, and the launch of the EU-funded, UNESCO implemented project for the refurbishment of the Mukalla Museum. They also had the opportunity of strolling through the beautiful, heritage-rich streets of Old Mukalla. In Aden the Ambassadors met with PLC VP Al Zubeidi, PM Bin Mubarak, both accompanied by several members of the Cabinet. They also met with CBY Governor Ghaleb and Aden Governor Lamlas. They visited the EU-funded Aden University's Women Research and Training Center and met with members of the related Peacebuilding Network. And they had the opportunity to meet with the UN Country Team in Aden. In their meetings the Ambassadors reiterated EU support for the PLC and the Government, stressing the need of unity and reform. They praised the key role of CBY in stabilising the currency and the economy. They discussed the particular challenges faced by Aden and Hadramaut governorates. They emphasized the need for a conducive operating environment for humanitarian and development work. They also highlighted the importance of civic space, and the fundamental importance of promoting the role of women, and their participation, together with men, in Yemen's endeavours for prosperity and peace, in that regard reiterating support for UN-led peace efforts.
Khabar Agency
13-02-2025
- Business
- Khabar Agency
Yemeni Rial Plummets as Government Funds Diverted to Groups
Anonymous banking sources told Khabar Agency that the US dollar's exchange rate hit 2,346 rials on Thursday, while the Saudi riyal surged to 615 rials. The local currency's value continues to erode daily amid hyperinflation and dwindling public trust. In a statement issued Wednesday from its Aden headquarters, the Central Bank of Yemen (CBY) partially blamed the collapse on Houthi-led assaults on state revenue streams, particularly targeting oil infrastructure since October 2022. The attacks have crippled Yemen's primary source of foreign currency, exacerbating the economic crisis. The CBY also condemned rampant illicit revenue practices, urging the internationally recognized Presidential Leadership Council (PLC) to channel all state funds into official central bank accounts. 'Diverting revenues to parallel entities undermines fiscal stability and national priorities,' the statement warned. In a rare admission, the bank acknowledged that significant government income is being siphoned by armed factions and corrupt networks, exposing systemic graft that has hollowed out institutions. Meanwhile, over 17 million Yemenis face acute hunger as food prices skyrocket. Economic analysts confirm that staple foods like wheat, rice, and sugar now sell at 300% above pre-war levels. With cash reserves depleted, families increasingly rely on piecemeal purchases, unable to afford bulk quantities. 'The rial's collapse isn't just economic—it's a death sentence for millions,' said a local trader in Aden.
Daily News Egypt
08-02-2025
- Business
- Daily News Egypt
CBE hosts Yemeni delegation to share Egypt's pioneering experience in payment systems
The Central Bank of Egypt (CBE) recently hosted a delegation from the Central Bank of Yemen (CBY), in line with Egypt's commitment to fostering cooperation with Arab nations across various sectors. The visiting delegation, comprising a specialized technical team, aimed to gain insights into Egypt's advanced digital payment systems and services. During the visit, the delegation explored the technical and operational aspects of Egypt's diverse digital payment infrastructure, along with the CBE's activities and services related to the SWIFT system. The team also studied the implementation of international standards in the Real-Time Gross Settlement System (RTGS), as well as continuous technological upgrades ensuring efficiency and security. This initiative is part of the ongoing bilateral cooperation between Egypt and Yemen in the field of payment systems and services. The program seeks to train and qualify CBY personnel while sharing Egypt's expertise, ultimately enhancing Yemen's technical and economic capabilities. Both parties agreed to strengthen collaboration frameworks, exchange expertise, and sustain future discussions on digital payment services. The goal is to build Yemen's national financial infrastructure, streamline official transactions, and advance digital financial solutions in alignment with global standards.
Al-Ahram Weekly
06-02-2025
- Business
- Al-Ahram Weekly
Egypt central bank shares digital payment systems expertise with Yemeni delegation - Tech
The Central Bank of Egypt (CBE) hosted a delegation from the Central Bank of Yemen (CBY) to share Egypt's innovative approaches to digital payment systems and services in a move that aims to bolster cooperation with Arab nations. The visiting delegation, which included a specialized technical team, delved into the operational and technical aspects of Egypt's advanced digital payment landscape. They learned about the implementation of international standards in the Real-Time Gross Settlement System (RTGS) and the updates to its technologies and mechanisms. They also explored the CBE's SWIFT system-related initiatives. This visit is part of the bilateral cooperation between Egypt and Yemen in the payment systems sector, which focuses on qualifying and training the CBY personnel. Each side expressed their country's commitment to strengthening collaboration frameworks, exchanging expertise, and continuing discussions on digital payment services. The goal is to build Yemen's national capacities to improve and streamline official financial transactions. Egypt's digital payments landscape is thriving. According to official data, the value of e-payment and collection services across the country grew by 19 percent, from EGP 2.1 trillion in FY2022/2023 to EGP 2.5 trillion in FY2023/2024. Meanwhile, the CBE data show that financial inclusion in Egypt expanded by 181 percent. The number of Egyptians holding transactional accounts rose from 17.1 million individuals in 2016 to 48.1 million out of 67.3 million eligible citizens (aged 16 and above) in June 2024. Short link:
Al-Ahram Weekly
06-02-2025
- Business
- Al-Ahram Weekly
Egypt central banks shares digital payment systems expertise with Yemeni delegation - Tech
The Central Bank of Egypt (CBE) hosted a delegation from the Central Bank of Yemen (CBY) to share Egypt's innovative approaches to digital payment systems and services in a move that aims to bolster cooperation with Arab nations. The visiting delegation, which included a specialized technical team, delved into the operational and technical aspects of Egypt's advanced digital payment landscape. They learned about the implementation of international standards in the Real-Time Gross Settlement System (RTGS) and the updates to its technologies and mechanisms. They also explored the CBE's SWIFT system-related initiatives. This visit is part of the bilateral cooperation between Egypt and Yemen in the payment systems sector, which focuses on qualifying and training the CBY personnel. Each side expressed their country's commitment to strengthening collaboration frameworks, exchanging expertise, and continuing discussions on digital payment services. The goal is to build Yemen's national capacities to improve and streamline official financial transactions. Egypt's digital payments landscape is thriving. According to official data, the value of e-payment and collection services across the country grew by 19 percent, from EGP 2.1 trillion in FY2022/2023 to EGP 2.5 trillion in FY2023/2024. Meanwhile, the CBE data show that financial inclusion in Egypt expanded by 181 percent. The number of Egyptians holding transactional accounts rose from 17.1 million individuals in 2016 to 48.1 million out of 67.3 million eligible citizens (aged 16 and above) in June 2024. Short link:
