Yemen Monitor/Sanaa/Special Report
Yemeni banking sources and customers confirmed on Saturday that the International Bank of Yemen has been unable to pay any sums of money to depositors for nearly two months, raising fears of bankruptcy.
The sources indicated that “hundreds of citizens are flocking daily, attempting to retrieve their deposits from the bank, pointing out that the bank’s branches and its main headquarters in Sana’a are witnessing unprecedented overcrowding by depositing customers.”
In May, hundreds of depositors and their families demonstrated at one of the bank’s branches, protesting the halt of withdrawals of less than $50 per month from their deposits.
The protesters complained about the bank’s refusal to pay their deposits or their profits, which have accrued over years, and denounced the decision to stop the small monthly amount that was being paid to them. They vowed to continue escalating until their demands were met and their confiscated funds were recovered.
