“Yemeni Central Bank” Announces the Start of Using the International Bank Account Number (IBAN) System
Yemen Monitor/ Newsroom:
The Yemeni Central Bank in the temporary capital, Aden, announced today, Wednesday, the effective start of using the International Bank Account Number (IBAN) system.
This came in a broad meeting organized by the General Directorate of Payment Systems at the bank with the participation of representatives of commercial and Islamic banks operating in the country, according to the official Yemeni News Agency.
The Deputy Governor of the Central Bank, Muhammad Omar Banaja, affirmed the central bank’s interest in keeping pace with global banking developments through the support provided by the US Agency for International Development (USAID).
He pointed out that the activation of the work of the financial and banking performance system for Yemeni banks globally comes in line with the plan and strategy of the Yemeni Central Bank to strengthen the financial inclusion program in Yemen and to ensure that banks operating in the Yemeni banking market comply with the standards of international money and capital markets, ISO 13616.
Banaja pointed out that the international bank account is distinguished by the accuracy of bank transfers and the speed of their execution at a lower cost, which reduces transcription errors and avoids delays in the execution of electronic payments.
It is worth noting that the procedures for activating the International Bank Account Number (IBAN) and discussing the plan for its activation with banks began in April of this year.
