Local News

International Community Isolates Yemen Financially

National Yemen

By NY Staff

Many Yemeni institutions are now facing the shock that they can’t transfer funds in and out of Yemen. However, a financial source claimed that banks stopped funds transfer for individuals only and not for companies, saying that only the Emirates Bank holds fund transfers for companies, and this affect only those who are dealing with it.

Another financial source said that the New York Bank didn’t stop any wire transfers but it put some conditions for fund transfers. For example, a client must be from a well-known company and have commercial records.

He added that if the New York Bank ceased any money transfers in and out Yemen, there will be an economic predicament that will affect families, students, and expatriates abroad.

Institutions and companies expressed their concerned that such a decision would have a bad impact on the economy of Yemen. Another sourced informed the newspaper that Yemen have agreed to let all in wire transfer goes smoothly to Yemen.  He continued to say the NGOs and companies have no problem with any banking wire transfer.