New proposal to amend bank law in Yemen
The Yemeni government recently proposed an amendment to the 1998 Bank Law Number 38 which will be debated at the upcoming parliamentary session, reports London based Al-Hayat daily.
The suggested revisions will strengthen the Central Bank’s control and supervision of the local Yemeni banking sector.
Furthermore, the proposal’s major clause consists of raising the paid-up capital of any bank in Yemen to two billion Yemen rials ($12 million) within two years of the law coming into effect. –(MENA Report)
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