Yemen joins the Gulf states banking network
Yemen-Gulf, Economics, 11/17/2004

Sides concerned in the governmental banking sector in Yemen are embarking on drafting procedural and executive measures relating to Yemen's joining the banking network of the Gulf Cooperation Council (GCC) states.

The central bank of Yemen is supervising preparations necessary for Yemen's joining the united banking network of the Arab Gulf states, part of which is due to Yemen's regional integration with the GCC member states in the various services, development, economic and banking sectors. However, Yemen's joining of the Gulf states banking sector will facilitate cooperation processes between various banks in Yemen and their counterparts in the GCC.

A Yemeni banking delegation had visited each of Saudi Arabia and the United Arab Emirates during which it was acquainted with the work activity of the electronic banking and information network at the Saudi Arab Monetary establishment and the UAE bank.

According to economic sources, the Yemeni banking laws are prepared to integrate in the Arab Gulf banking systems and then with the world banking system. Such integration, however, is advocated by the testimonies of various international organizations. This conviction is built on Yemen's early thinking of taking policies to liberalize the trade, free movement of capital, removing all restrictions that impede imports, and opening up bank credits necessary for trade and trade exchange operations.

Previous Stories:
  Yemen looks forward to full membership of Gulf states   (12/18/2003)
  Yemen joins four Gulf GCC commissions   (10/17/2002)
  Signing ceremony on Yemen's joining the Gulf GCC states today   (10/16/2002)
  Amendments in the Yemeni customs decree to cope with the Gulf states   (2/12/2002)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search