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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