Copy right  2015 Central Bank of Somalia, All Rights Reserved.
Central Bank of Somalia Central Bank of Somalia provides the nation with safe, flexible and stable monetary & financial system.”

            Press and

Publications

PRESS RELEASE Mogadishu,    March    28,    2017    -    The    Role    of    Microcredit    to    Curb Poverty in Somalia Thanks   to   a   grant   from   the   Kuwait   Fund   for Arab    Economic    Development,    the    Central Bank      of      Somalia      have      established      a microcredit   scheme   through   the   local   licensed commercial   banks   in   order   to   increase   lending to    local    smallscale    enterprises    operating    in agriculture,    fishing    and    livestock    sectors, leading    to    better    food    security,    economic growth   and   more   productive   jobs,   and   making a   lasting   impact   on   poverty   alleviation.   The facility    is    expected    to    be    run    as    flexible revolving    fund    of    18    months    validity    with options    for    repayment,    replenishment    and changes   in   the   light   of   unfolding   situations   of the program.   Mogadishu   February   25,   2017   -   Central Bank of Somalia. International   Monetary   Fund   (IMF)   review   of the   economic   situation   in   Somalia   completed. A   team   from   the   International   Monetary   Fund (IMF)   visited   Nairobi   in   November   2016   to conduct     its     annual     review     (Article     IV* consultation),    of    the    economic    situation    in Somalia      and      first      review      under      the Staff–Monitored   Program   (SMP**).   The   IMF board   has   discussed   in   February   2017   and published its results . Mogadishu   February   11,   2017   -   Central Bank of Somalia. Somalia   intends   to   resume   printing   banknotes this     year     for     the     first     time     since     the government collapsed in 1991. The    governor    of    Somalia’s    central    bank, Bashir    Issa    Ali,    told    VOA    in    an    exclusive interview      Saturday      that      all      technical preparations       are       complete,       and       his government   is   confident   it   can   assemble   a financial   aid   package   within   three   months   to fund    the    printing    program.    Further    work would take another four months. Nairobi, May 27, 2016 - Central Bank of Somalia to overhaul IT systems. The   Central   Bank   of   Somalia   has   partnered with   Sofgen   to   roll-out   a   new   IT   platform.   It will   implement   the   Temenos   T24   core   banking solution   and   a   new   ERP   system   from   Oracle FSS.   The   first   phase   of   the   project,   supported by   World   Bank,   is   set   for   completion   within the   next   9   to   12   months   at   a   cost   of   $2.5 million. Governor   of   Central   Bank   of   Somalia,   Bashir Ali,          comments:          “Its          successful implementation    will    empower    the    Central Bank   to   play   its   role   more   effectively   and   also provide   the   needed   foundation   upon   which   all other future initiatives will rely. Mogadishu,    February    22,    2016    —    The President   of   the   Federal   Republic   of   Somalia H.E.   Hassan   Sh.   Mohamud   signed   the   Anti- Money     Laundering     and     Combatting     the Financing   of   Terrorism   (AML/CFT)   Bill   to   law on   February   21,   2016.   The   AML/CFT   Bill   was approved    by    the    Council    of    Ministers    and passed      by      the      Somali      Parliament      on December   26,   2015.      The   signed   AML/CFT   Bill was   the   product   of   a   yearlong   effort   by   the Central   Bank   of   Somalia   and   the   Ministry   of Finance. For more information contact: Media Unit, Central Bank of Somalia press@centralbank.gov.so www.centralbank.gov.so

Publications

1)  Central Bank of Somalia Act Law No. 130

2)  Final Moncey Transfer Business Licensing Regulations 3)  Final Money Transfer Business Registration Regulations 4)  Financial Institution Law No.130 of 22 April 2012 5)  Regulation on Bank Licensing 6)  Regulation on Capital Adequacy 7)  Regulation on Liquidity Risk Management 8)  The Financial Institutions Law 2011 (In Somali) 9)  World Bank Takes Innovative Action to Support Remittance Flows to Somalia 10) Anti-Money Laundering and Countering   
Copy right  2015 Central Bank of Somalia, All Rights Reserved.

            Press and Publications

PRESS RELEASE Mogadishu, March 28, 2017 - The Role of Microcredit to Curb Poverty in Somalia Thanks   to   a   grant   from   the   Kuwait   Fund   for   Arab   Economic   Development,   the   Central Bank   of   Somalia   have   established   a   microcredit   scheme   through   the   local   licensed commercial   banks   in   order   to   increase   lending   to   local   smallscale   enterprises   operating in   agriculture,   fishing   and   livestock   sectors,   leading   to   better   food   security,   economic growth   and   more   productive   jobs,   and   making   a   lasting   impact   on   poverty   alleviation. The   facility   is   expected   to   be   run   as   flexible   revolving   fund   of   18   months   validity   with options   for   repayment,   replenishment   and   changes   in   the   light   of   unfolding   situations   of the program.   Mogadishu February 25, 2017 - Central Bank of Somalia. International    Monetary    Fund    (IMF)    review    of    the    economic    situation    in    Somalia completed.    A    team    from    the    International    Monetary    Fund    (IMF)    visited    Nairobi    in November   2016   to   conduct   its   annual   review   (Article   IV*   consultation),   of   the   economic situation   in   Somalia   and   first   review   under   the   Staff–Monitored   Program   (SMP**).   The IMF board has discussed in February 2017 and published its results . Mogadishu February 11, 2017 - Central Bank of Somalia. Somalia   intends   to   resume   printing   banknotes   this   year   for   the   first   time   since   the government collapsed in 1991. The   governor   of   Somalia’s   central   bank,   Bashir   Issa   Ali,   told   VOA   in   an   exclusive interview   Saturday   that   all   technical   preparations   are   complete,   and   his   government   is confident   it   can   assemble   a   financial   aid   package   within   three   months   to   fund   the printing program. Further work would take another four months. Nairobi, May 27, 2016 - Central Bank of Somalia to overhaul IT systems. The   Central   Bank   of   Somalia   has   partnered   with   Sofgen   to   roll-out   a   new   IT   platform.   It will   implement   the   Temenos   T24   core   banking   solution   and   a   new   ERP   system   from Oracle    FSS.    The    first    phase    of    the    project,    supported    by    World    Bank,    is    set    for completion within the next 9 to 12 months at a cost of $2.5 million. Governor     of     Central     Bank     of     Somalia,     Bashir     Ali,     comments:     “Its     successful implementation   will   empower   the   Central   Bank   to   play   its   role   more   effectively   and   also provide the needed foundation upon which all other future initiatives will rely. Mogadishu,   February   22,   2016   —   The   President   of   the   Federal   Republic   of   Somalia H.E.    Hassan    Sh.    Mohamud    signed    the    Anti-Money    Laundering    and    Combatting    the Financing   of   Terrorism   (AML/CFT)   Bill   to   law   on   February   21,   2016.   The   AML/CFT   Bill   was approved   by   the   Council   of   Ministers   and   passed   by   the   Somali   Parliament   on   December 26,   2015.      The   signed   AML/CFT   Bill   was   the   product   of   a   yearlong   effort   by   the   Central Bank of Somalia and the Ministry of Finance. For more information contact: Media Unit, Central Bank of Somalia press@centralbank.gov.so www.centralbank.gov.so

Publications

1)  Central Bank of Somalia Act Law No. 130

2)  Final Moncey Transfer Business Licensing Regulations 3)  Final Money Transfer Business Registration Regulations 4)  Financial Institution Law No.130 of 22 April 2012 5)  Regulation on Bank Licensing 6)  Regulation on Capital Adequacy 7)  Regulation on Liquidity Risk Management 8)  The Financial Institutions Law 2011 (In Somali) 9)  World Bank Takes Innovative Action to Support Remittance Flows to Somalia 10) Anti-Money Laundering and Countering   
CONTACT INFORMATION P.O Box 11, 55 Corso Somalia Mogadishu, Somalia
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Washington DC, April 17, 2017 - Spring Meetings of World Bank and IMF in Washington Abdirahman Beileh and Bashir Issa to attend Spring Meetings of World Bank and IMF in Washington Minister for Finance Dr Abdirahman Beileh and Governor for the Central Bank of Somalia Bashir Issa will attend the Spring Meetings of the World Bank Group and the International Monetary Fund (IMF) on 17–23 April in Washington D.C. The main themes of the meetings are the state of the global economy, inclusive growth, and the future role and resources of the World Bank.
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