Houthi Militias Seize New Bank in Sanaa as Yemen Central Bank in Aden Launches Financial Reform Plan
Banking sources confirmed that Houthi militants have taken control of "Yemen and Gulf Bank" in the Houthi-held capital, Sanaa. The group appointed Raed Al-Shaer, nephew of the notorious former judicial custodian Saleh Al-Shaer, as the new custodian of the bank, continuing their systematic campaign to dominate financial institutions.
Al-Shaer used his influence to install a new board chairman who immediately slashed staff salaries by up to 60% without legal justification. Resigned employees were reportedly forced back to work under threats, and barred from contacting any regulatory authorities. He is also accused of forcefully collecting old debts without registering them through official channels.
Meanwhile, the Central Bank of Yemen in Aden announced new financial reforms, including support for banks relocating from Houthi-controlled areas to Aden. The bank also approved the creation of an Instant Payment Company, supported by the World Bank, to enhance digital transaction infrastructure.
Other decisions included restructuring the national transfer network, increasing capital, and bolstering anti-money laundering and counter-terrorism measures to ensure international financial compliance amid growing scrutiny.
"What is happening in Yemen? What caused the war? And who ignited it?
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