New Central Bank of Yemen Communications Strategy to Boost Transparency and Public Awareness

Today, the Central Bank of Yemen launched a communications and outreach strategy to enhance its transparency in communicating with the public. Developed with USAID support, the strategy features ways to help promote transparency and increase public awareness, understanding, and trust of the Central Bank's efforts in controlling the money supply and ensuring greater financial stability. These activities help boost economic growth, control inflation, and allow businesses to create more jobs.

“The importance of the strategy is that it strengthens partnerships with relevant authorities, as well as the mechanisms of communication and outreach with the public and those interested,” said Central Bank of Yemen Governor, H.E. Mr. Ahmed Ghaleb Al-Maabqi. “It upgrades the Central Bank’s website to meet needs and keep abreast of developments, and increases its capability to deliver updates on ongoing activities and reforms taking place in the bank.”

Since 2017, USAID has worked closely with the Central Bank to bolster the country’s economic stability and development. This collaboration has helped Yemen better manage its money supply to encourage easier private sector transactions and investment. A new approach to the Central Bank’s annual monetary planning has helped stabilize prices for the Yemeni people and businesses.

“USAID’s valuable assistance has included restructuring key sectors, upgrading regulations and systems, strengthening field and off-site supervision of banks and exchange companies, and building staff capacities,” said Mr. Al-Maabqi.

With USAID support, the CBY has improved its payment systems to provide safer, quicker electronic money transfers between banks and modernized regulations for using mobile money in Yemen. In addition, CBY now publishes a monthly Economic Bulletin that provides a snapshot of Yemen’s current economic status by summarizing macro-financial performance and related policy and regulatory developments. These activities have helped strengthen bank supervision and anti-money laundering reforms to ensure a safer banking system for the country. Most importantly, this level of transparency builds confidence for financial stakeholders and international donors.