Somali Central Bank
| Headquarters | Mogadishu , Somalia |
| founding | July 1960 |
| president | Bashir Isse |
| country | Somalia |
| currency | |
| ISO 4217 | SOS |
| Website | |
| predecessor |
Cassa per la Circulazione Monetaria della Somalia |
| List of central banks | |
The Somali Central Bank ( Somali : Bankiga Dhexe ee Soomaaliya ) is the central bank of the Federal Republic of Somalia .
history
It was founded as Banca Nazionale Somala on July 1, 1960 after the country gained independence to take over the previous activities of the Cassa per la Circolazione Monetaria della Somalia and the branch of the Banca d'Italia in Mogadishu founded on November 15, 1920 . The new bank combined the activity of a central bank with commercial banking activities.
In 1968 the government merged the Somali credit bank Credito Somalo , which had established the trust administration of Italian Somaliland in 1954, with the Banca Nazionale Somala .
In 1971, 1,969 came to power government created Siad Barre , the Somali Savings and Credit Bank (Somali Savings and Credit Bank) , the commercial branches of Banca Nazionale Somala and Credito Somalo took over, bringing the Banca Nazionale Somala now only perceived central bank tasks. The Somali savings and credit bank had branches in Baidoa , Beledweyne , Berbera , Boosaaso , Burao , Gaalkacyo , Qardho , Hargeisa , Kismayo and possibly also temporarily in Djibouti .
On February 8, 1975, the government renamed the Banca Nazionale Somala as the Somali Central Bank ( Bankiga Dhexe ee Soomaaliya ). The government also merged the Somali Savings and Loan Bank and the Somali Commercial Bank into Somalia's only commercial bank.
It is unclear how the Central Bank of Somalia has operated since the government collapse and the start of the Somali civil war in 1991; there is no internet presence and news about the bank is rare. Somalia shilling banknotes were illegally printed on a large scale in Somalia during the civil war.
The transitional constitution of the transitional government of Somalia of 2004 provided for the establishment of a central bank. In December 2006 the central bank was able to reopen its offices in Mogadishu and Baidoa and for the first time in years to have a head office again. With the "Central Bank of Somalia Act" of April 22, 2011, the central bank received a new legal basis and clearly defined functions.
Individual evidence
- ^ Arnaldo Mauri: Banking Development in Somalia , on papers.ssrn.com
- ↑ Strategic Plan 2013-2018 , Central Bank of Somalia, p. 20
- ↑ Legal Frameworks governing Somalia's current financial systems ( Memento of the original from May 28, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , shuraako.org
