Business

Central Bank blacklists 487 customers

National Yemen

Yemen-central-Bank

BY NY Staff

Yemen’s Central Bank has placed 487 individuals, companies and institutions on its ‘black list’, which is circulated among banks.

A source at the Central Bank stated that most of those placed on the list were large companies and trade institutions. Currency exchange companies were among those who had also failed to meet their financial obligations.

According to a Central Bank representative, trade banks operating in Yemen began suffering from a “real crisis” in receiving their money from such companies and trade institutions, to the tune of more than YR 101 billion.

It was also reported that 115 names were added to the black list in March.

1 Comment

  • Most of these companies have paramount loans that have matured but was not serviced. I expect a credit downgrade from the local investment sectors after the list has been disclosed.