CAC Bank Owed YR5 Billion
PSA: There may be some odd, boring and entirely out of sequence stuff popping up over the next week, as I move private posts and drafts from the back to the front. The internal search function works more completley on posts and I need to be zipping at the moment. The stability of Yemen’s banking system is actually rather important, and its distorted, as all systems in Yemen are, by corruption.
YO 5/22,
Hafez Mayad, the Chairman of the board of Cooperative and Agricultural Credit bank (CAC Bank) confirmed that Yemeni officials, sheikhs, and well-known people are indebted YR5 billion to CAC Bank. He said that during the press conference, held last Wednesday during the ceremony for the launching of their e-banking product.Mayad stated that this indebt came as result of the absence of follow up mechanisms in the previous time. He clarified those people (plunderers as he called them) who are indebted to CAC bank are the main factor of its failure. Mayad was responding to claims by Mps that the CAC Bank abandoned its main role related to support agricultural sector.
He said that CAC Bank will not be a resource of enrichment for plunderers anymore.
In terms of implementing government policy related to supporting the agricultural sector, Mayad said, “We work on supporting this sector by governmental money only, not by money of depositors. I mean that it is not allowed for any one to use money of depositors to support any one.”The e-banking product is a banking system which allows you to make most of your banking transactions at anytime wherever you are through the internet, Mayad said. CAC Bank international e-banking is considered to be the first system in Yemen and in the Middle East which generates different functionality related to banking services, high technology and security, Mayad said.
Mayad said CAC Bank occupied the first rank in the financing of economic sectors during 2008 according to the report issued by Central Bank of Yemen, achieving the growth rate of 46.5 percent and contributed to the financing of the economic sector by 35.6 percent at the level of the banking sector.
