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Central Bank of Somalia Central Bank of Somalia provides the nation with safe, flexible and stable monetary & financial system.”

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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   
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CONTACT INFORMATION P.O Box 11, 55 Corso Somalia Mogadishu, Somalia Tel/Fax: +2521241152, Tel: +2521866131 Tel: +2521866151 Email: IT@centralbank.gov.so
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PRESS RELEASE Mogadishu,   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 2018 15-19   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 release 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 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.
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