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Central Bank of Yemen rises minimum amount of the small finance banks' capital

[07/01/2024 04:36]

ADEN - SABA
The Central Bank of Yemen (CYB) issued a decree stipulates that the minimum amount of the capital of each small finance bank which is licensed to operate in the Republic of Yemen shall be increased up to15 billion Yemeni Rial (YR).

The decree, which is published on the CYB's website, stressed that the concerned banks shall get the minimum amount completed within two years starting from 2024 provided that each small finance bank must get 50% of the required capital completed each year starting from this year 2024 and the deadline to get the amount completed is December 31.2025.

Under the decree those banks which obtained initial license from the CYB to operate as small finances banks should get required 50% increase of the capital completed before granting the final license and should get the remain increase completed during 2025.

The decree gave the concerned licensed bank the right to use their reserves after a written approval in advance by the CBY in order to fulfill the required minimum amount, otherwise no bank can get or maintain the license if it doesn't meet the provision of the minimum amount of the paid capital.