In December 2022, the OECD gathered 25 participants including representatives from central level financial Yemeni institutions, active money exchange companies, and international experts. The objective was to share knowledge about the relevant policies and necessary actions to help promoting sound business model transition, business practices and risk management framework to support financial intermediation for a sustainable and includive recovery.
The dialogues were organised in the context of the EU-OECD Project on Promoting Economic Resilience in Yemen, they took place in Aman, Jordan.
The event was intended to bring together representatives of the public authorities (Central Bank of Yemen, Ministry of Finance, Ministry of Planning and International Cooperation), a group of prominent money exchangers performing microfinance activities in Yemen, and international and regional organisations including the Middle East-North Africa Financial Action Task Force (MENA FATF), the Middle East Technical Assistance Center (METAC), the Bundesbank, the Central Bank of Iraq, Tahaleel Limited, the Grameen Crédit Agricole Microfinance Foundation, the European Union and the OECD. A session was dedicated to promoting public-private dialogue among senior representatives of central level financial institutions and money exchange companies.
The Central Bank of Yemen is currently reviewing the financial situation of large money exchangers, which are developing microfinance activities, to eventually provide them a banking licence and support them in their business model migration. The aim is to support the development of efficient and effective regulatory and supervisory frameworks to help creating conditions for resilient money exchangers in Yemen.
The EU-OECD project “Promoting Economic Resilience in Yemen” is financed by the European Union and implemented by the Organisation for Economic Co-operation and Development (OECD). Starting in September 2020 and with a total duration of three years, it aims to strengthen the socio-economic resilience of Yemen in order to create viable conditions for economic growth and private sector development. The project is implemented in partnership with the Yemeni Ministry of Planning and International Cooperation.