Yemen president names new central bank governor

Bank’s headquarters moved from the capital Sana’a to the southern port city of Aden

Gulf News

Sana’a: Yemeni president Abd Rabbo Mansour Hadi appointed Finance Minister Monasser Al Quaiti as head of the country’s central bank on Sunday, the state-run news agency reported.

The decree announcing the appointment included a decision to move the bank’s headquarters from the capital Sana’a to the southern port city of Aden, according to the report.

Hadi also appointed Ahmad Obaid Al Fadhli to replace Al Quaiti as finance minister, it said.

The central bank has been the last bastion of the impoverished country’s financial system amid a civil war and is effectively running the economy, according to central bank officials, diplomats and Yemenis on both sides of the war.

Hadi is backed by a Saudi-led Arab coalition, which has been waging an offensive trying to roll back gains made by Iran-aligned Al Houthi militants since 2014.

His government asked international financial institutions last month to prevent central bank officials from accessing state funds held in overseas banks, reported on August 6 (not Saturday).

The government has accused Al Houthis of squandering some $4 billion on the war effort from central bank reserves.