international missions visit CBY within the mutual cooperation and praising the significant progress that CBY witnessed in the last decade
In recent months, the Central Bank of Yemen(CBY) has witnessed intensive activities and notable efforts, in coordination with international financial organizations, which aimed to develop and streamline mechanisms of operations and systems of CBY in the areas of accounting and portfolio management to bring those to international standards. Efforts are also exerted to upgrade and strengthen the capacities CBY staff , especially those working in bank supervision sector and foreign operations sector. These activities come as part of achieving the contents of President Ali Abdullah Salah electoral program associated with the role of the bank in achieving the financial stability.
As a first step to achieving his Excellency program , the Law on microfinance banks was passed, which aims to stimulate economic activities in order to reduce unemployment and poverty. CBY has also established a dedicated unit, in cooperation with KWF, to monitor microfinance banks and train a number of staff in bank supervision sector to manage it.
In the light with bilateral programs of cooperation between the Central Bank and international organizations ; the central bank had received a number of technical missions to review, evaluate and develop the mechanisms of operations. Below we shed some light on these missions.
- Mission from Financial Services Volunteer Corps (FSVC). FSVC visited the country during the period 11-14 July 2009, headed by MS Yomna Mustafa - Organization Regional Director, during the visit several aspects related to bank supervision were discussed with key executive managers of Central Bank of Yemen. The mission conducted a workshop for the bank supervision sector’s staff on the issue “ modern banking supervision” Special emphasis was on how to activate the role of supervision and the joint work between the departments of internal and external banking supervision. the mission ended its visit with a number of important recommendations regarding future steps needed to be followed by CBY to strengthen its supervision function.
- Mission from the United Nations Conference on Trade and Development (UNCTAD) during the period June 26 to July 2, 2009 SPECIALIZED IN debt management "DEMFAS" chaired by Ms. Victoria CHAUMONT, THE VISIT aimed at revising the program of technical assistance on public debt management, which is implemented by the UNCTAD in the Central Bank of Yemen, the Ministry of Finance, and the Ministry of Planning and International Cooperation. Also discussed the issue of new version of debt management system which it to be introduced by the UNCTAD next year. The mission also conducted an intensive workshop on "Analysis of debt portfolio " to the staff of the three government agencies.
– Mission from The Middle East Technical Assistance Center (METAC) an affiliate of the International Monetary Fund during the period 6-13 July 2009 headed by Mr. Ceylan Ndrajah. The visit came under the program of technical cooperation between Yemen and METAC to provide technical support for the development of financial systems and accounting at the Central Bank. Mission had several meetings with key executive managers of CBY especially those working in accounting and IT sector. The mission reviewed with management the stats of implementation of its recommendations during last visit that took place earlier this year. The mission commended the work done so far and stress on the importance of full implementation of other recommendations.
- Central Bank also received another mission from Middle East Technical Assistance Center (METAC) during the 4-17 July 2009, headed by the Jlimor Hodvard as a part of technical support related to Balance of Payments issues . During the visit, the mission conducted a practical training to the staff of balance of payments in CBY.
- A joint mission from the International Monetary Fund, Islamic Development Bank, Central Bank of Sudan is currently visiting CBY during the period 18-27 July 2009. The mission's visit comes in response to a request from the Central Bank of Yemen to assess the steps needed for Yemen to introduce “Islamic Sukuk " to financial market in Yemen as one of important means of financing instruments to finance government investment programs,
It is worth to mentioning that CBY will receive a mission from the Department of the Treasury of the World Bank during the period 25-30 July headed by Mr. Stefan Piot. The mission will help CBY in evaluating and restructuring Investment and Correspondents department. In addition, mission will install necessary software to carry out CBY's investment activities and to train investment department’s staff on those software. The visit comes in the framework of bilateral cooperation Agreement between the Central Bank and the World Bank which will last for three years. The Agreement aims at improving capacities and restructuring investment department in CBY. In this context, CBY has yesterday 22 - July -2009 launched Reuters Direct Dealing System 3000 which is considered as a vital step in investments operations which would enable CBY to communicate globally and keep CBY in live contact with global financial banks and markets.