In July 2022, the OECD gathered 18 experts from central regulatory institutions in selected OECD member countries and facilitated an open discussion about high-level supervisory standards and implementation framework. The dialogues were organized in the context of the EU-OECD Project on Promoting Economic Resilience in Yemen, they took place in Aman, Jordan.
The seminar was jointly introduced by the Vice President of the Central Bank of Yemen, and representatives of the OECD Directorate of Financial and Enterprise Affairs. Both stakeholders delivered remarks about re-building public trust in the Yemeni financial sector, promoting investment and strengthening economic resilience to support sustainable and inclusive development.
The workshops were divided into 4 sessions:
First, the speakers provides perspectives on the ongoing challenging conditions in the Yemeni financial sector. Then, the Consumer Finance Advisor in the Consumer Finance, Insurance and Private Pensions Division of the OECD Directorate of Financial and Enterprise Affairs provided a brief overview on the technical assistance activities focused on financial inclusion, financial consumer protection and financial education. During the third session, international experts (some of them from Austria and Mexico) shared their knowledge and experience about key implementation strategies and policy tools that could be relevant for Yemen. Finally, Representatives from public and private Yemeni financial institutions alternately shared perspectives on adequate high-level supervisory standards to support financial intermediation to private sector development and rebuild trust in Yemeni financial institutions.
Targeted capacity building activities were also organized during the second semester of 2022 and the first half of 2023 by considering the priority areas and major needs for support shared by representatives from central level Yemeni financial institutions, banks and money exchangers. The following topics were discussed:
- Restoring trust and reputation in the Yemeni banking sector
- Addressing depositors’ protection and AML/CFT (anti-money laundering and counter-terrorist financing) for money exchangers which are becoming microfinance banks
- Improving access to credit for MSMEs to support an inclusive economic recovery
The EU-OECD project “Promoting Economic Resilience in Yemen” is financed by the European Union and implemented by the Organization 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.