Yemen Central Bank in Aden accused of irregularities in dealing with Al-Kuraimi Bank

A recent financial audit report accused the Central Bank of Yemen (CBY) in Aden of involving in a series of serious financial violations during banking operations carried out in cooperation with Al-Kuraimi Islamic Bank, resulting in massive financial losses exceeding YR11 billion.

The (CBY) conducted foreign currency buying and selling operations at prices that were in violation of market mechanisms and without meeting the legal requirements, including consulting with the government. The report said.

The report pointed to fraud and unjust enrichment, in one of the biggest financial corruption scandals in the history of the (CBY).

The report called for a comprehensive investigation to hold those involved accountable and strengthen internal controls to ensure compliance of financial operations with laws.

The report emphasized the importance of coordination with the government to avoid such transgressions in the future. This scandal highlights the urgent need for financial reform and enhancing transparency in Yemeni economic institutions.