Central Bank Of Somalia

To produce durable and acceptable currency design in a cost effective manner.
To improve efficiency of currency procurement, processing, distribution, storage and destruction in order to minimize cost of currency.
To maintain adequate stocks of currency to meet cash requirements of the economy.
To maintain appropriate currency structure in the economy
To safeguard the currency stock in the vaults and in transit.
To safeguard the national reserve of international currencies & valuable assets of the government, e.g., gold reserves.
Functions of Currency Department
The currency department is tasked with currency management which involves, Currency Production, Distribution and Storage, Issuance, Processing and Destruction.
The department follows the Clean Note Policy to uphold the standard of the national currency and, in that context, its functions include the following:
To plan, design and produce Somalia national currency, Somali shilling (SOS).
To correctly predict demand for banknotes and coins and so plan the ordering of new currency supply by forecasting demand for the domestic currency so to give timely advice to the management on Currency printing.
To manage the national currency to ensure adequate supply of currency to meet demand at all times.
To provide strict transport arrangements, rigorous security, and meticulous control.
To provide safe, secure and adequate storage for the currency stock for the new production when arrives from abroad and for the existing stock banknotes and coins must be stored in the central vault at the HQ and in the vaults of currency branches across the country in line with the bank currency storage procedures.
To issue Somali shilling by handling of bulk deposits and withdrawals to commercial banks and banking departments’ cash section to satisfy public and government demand for cash so as to maintain smooth running of Somalia currency in circulation.
To ensure maintenance of clean quality notes that are also durable and meet machine processing standards by overseeing the quality of currency in circulation Banknotes that the commercial banks deposit with the central Bank should be carefully counted and authenticated, using sophisticated equipment that also sorts the notes into those which are reusable and those to be shredded. Also, degraded coins are destroyed.
To guard against counterfeit notes by ensuring that currency design has adequate security features; prevention of counterfeiting – The Currency Department takes action to detect counterfeit banknotes and remove them from circulation by studying the characteristics of counterfeits in the market, upgrading the security features of the currency, enhancing the public’s awareness of the national currency security features by advertising and instructional activities, and cooperating with the police, the Association of Banks, the banks, and international organizations that are active in the war on counterfeiting.
To redeem currency that is mutilated or has been taken out of circulation, and ensure that soiled and mutilated currency is destroyed.
To maintain proper and adequate records of stock of currency and to ensure that withdrawals and deposits are accounted for and properly recorded in currency registers.
To monitor cash repositories of the financial institutions for efficient access to cash across the country.
To be the custodian of reserve of national by ensuring safe custody of the foreign currencies & valuable assets of the government like gold reverses etc.
The Department responds to inquiries from the public on currency-related topics and publishes information about security features on currency.