No 11



Yemen Licenses New Bank

The Central Bank of Yemenhas licensed the Shamil Bank of Yemenand Bahrainto operate in the country, according to a report in the Arabic daily al-Hayat on 20 February. The General Manager of the Bank,Muhammad Najib Sa'd, told al-Hayat that the YR2bn (around $11.5mn) capital of thenew entity was paid up in full and that it will open officially during the Eid holiday celebrations in May. MEES howeverunderstands that the bank was functionally...