Saturday, 1 August 2009

New mechanism to monitor expatriate remittance to Yemen

SANAA, July 31 (Saba) – The Yemen Central Bank will start in August introducing a new mechanism to monitor remittance by Yemeni expatriates, a move which aims to provide a more realistic picture of the amount of remittances by Yemeni nationals abroad into their homeland.

The new mechanism would be established in cooperation with the International Monetary Fund and will focus on estimating in-kind-remittances of Yemeni expatriates, director of the Research Department at the bank Hussein al-Kaheli said.

Money remittances would be checked by banks and exchange companies working in the country through filling in special forms.

In the meantime, remittance by the Yemeni expatriates may fall this year due to the global economic crisis. Read more

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