Two days after the «Scandal».. Head of government directs review and examination of Yemeni central reports

Two days after the «Scandal».. Head of government directs review and examination of Yemeni central reports


Prime Minister Maeen Abdul Malik on Tuesday directed the central monitoring and Accounting agency to review and examine reports of the Central Bank of Yemen, days after the bank's economic committee accusations with currency speculation and looted large funds.

The Commission's chairman, Hafez Me’iad, called on the government to intervene to investigate corruption of the central bank and said that the corruption operations resulted in looting 9 billion Yemeni riyals in one month, and in relation to the sale of Saudi riyals.

                                                                                                                                                             

According to the state news agency Saba, a team from the central authority for monitoring and accountability is currently implementing the directives of the head of Government through a process of reviewing and studying the bank's reports on commodity documentary credits.

The agency quoted the head of the authority, Judge Abubakar Hussain al-Saqqaf, that the authority received last Wednesday, a mandate from the head of government, attached to the performance reports of the bank, to carry out the examination and review process.

He noted that "a team from the Central Monitoring and accounting agency is currently in the process of reviewing and studying the performance reports of the Central Bank of Yemen on the documentary credits for Commodities and the actions taken in the process of monetary intervention to control the national currency."

He confirmed that the team is currently in the process of vetting and auditing with high neutrality and professionalism.

"The work is underway and the results will be reported to the Prime Minister immediately upon completion of the examination and review work," he said.

Bankers described what was happening in the central bank of Yemen as a "scandal", as the bank shifted to market speculators and the profits were transformed into sales and purchases to the bank's governor and officials there.

Cashiers said to Al-Masdar Online that the speculation and corruption had reached the bank's regular employees and reaped huge profits.

The speculation caused the Yemeni riyal to collapse, and the exchange rate increased from 520 to 600 in less than two days.


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