“Central Bank of Somalia“Central Bank of Somalia provides the nation with safe, flexible and stable monetary & financial system.”
PRESS RELEASEMogadishu, March 28, 2017 - The Role of Microcredit to Curb Poverty in SomaliaThanks 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 Somaliapress@centralbank.gov.sowww.centralbank.gov.so
PRESS RELEASEMogadishu, October 01, 2017 Somalia. The Central Bank of Somalia (CBS) has reached important milestones in regularizing the financial sector of Somalia.The Central Bank of Somalia (CBS) recently completed on-site examinations of Hawalas, or Money Transfer Businesses (MTBs), and of banks. This follows a first round of examinations that were completed in 2016. These are significant steps that CBS has taken after the civil war.Over last two year, the CBS has issued important regulations focusing on know-your-customer (KYC) and anti-money laundering (AML). The examinations of the industry find that the regulations are having an impact. The industry’s active participation in the CBS’ supervision effort is a mark of support for further formalization of the Somali financial sector.Nairobi Kenya, May 15 - 19, 2017 Somalia—Second and Final Review of Staff-Monitored Program and New Program for 201815-19 May 2017, a delegation from Somalia met a Staff of the International Monetary Fund (IMF) to discuss the latest economic developments and second and final review implementation of reforms under the Staff-Monitored Program (SMP). Somalia negotiated a 12-month SMP with the IMF in early 2015.The first review of the SMP was completed in November 2016. During the visit, the IMF team met with Central Bank Governor Mr. Bashir Issa Ali.Somalia and the IMF have reached a staff-level agreement on the completion of the second and final review of the SMP and on a second SMP. In a statement IMF concluded performance under the SMP is broadly satisfactory, especially in light of the difficult domestic environment. For March 2017, all the quantitative targets and structural benchmarks were met. The statement praised the pace of reforms to restore key economic and financial institutions, and welcomed Somalia’s commitment to the reform agenda under the SMP. Read more on IMF’s end-of-mission press releaseWashington DC, April 17, 2017 - Spring Meetings of World Bank and IMF in WashingtonAbdirahman 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 BankMogadishu, March 28, 2017 - The Role of Microcredit to Curb Poverty in SomaliaThanks 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.