Xog guud – Central Bank of Somalia

Xogta Guud ee Bank-ga

Vision

To be a resilient and trusted central bank that drives inclusive and sustainable economic growth and financial system stability

Mision

To achieve our primary goals of ensuring price stability and fostering a robust, modern, and sound financial system, which can serve as an engine of economic development.

CBS

Objectives of the CBS

CBS

Core Value

I. Public Service and Orientation

• Commitment to serving public interest
• Institutional services and orientation

II. Ethical Standards

• Ethics and integrity
• Transparency and leadership by example

III. Team Dynamics

• Teamwork
• Equity
• fairness and confidentiality

A Snapshot of Our Strategic Goals

Strategy Goal 1

Issue a viable national currency and develop, implement, and continuously assess effective monetary and foreign exchange policies

Strategy Goal 2

Strengthen the financial system’s stability, effectiveness, and inclusiveness

Strategy Goal 3

Enhance the financial market infrastructure to ensure payment systems and services are safe

Strategy Goal 4

Promote good governance, institutional resilience, and operational excellence

CBS

Functions of the CBS

A.

Formulate, implement, and oversee monetary policy, as well as implement foreign exchange policy.

B.

Hold and manage Somalia’s foreign exchange reserves.

C.

License, regulate, and supervise all banks and financial institutions to ensure liquidity, solvency, and the proper functioning of a stable financial (monetary) system.

D.

Develop and implement policies, which promote the establishment, regulation, and supervision of efficient and effective payment, clearing, and settlement systems.

E.

Administer payment, clearing, and settlement systems where appropriate.

F.

Serve as banker, adviser, and fiscal agent for the Government and public entities.

G.

Act as the exclusive issuer of Somali currency notes and coins.

H.

Compile, analyse, and publish monetary, financial, balance of payments statistics, and other statistics covering various sectors of the national economy.

I.

Carry out additional functions assigned under the CBS Act and any other roles designated by the laws of Somalia.