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Home  »  Central Banks Worldwide  »  Bank of Somaliland

Bank of Somaliland

 

One of the provisions of the National Constitution of the Republic of Somaliland is the establishment of a Bank to carry out Central Banking functions. The Bank of Somaliland (Baanka Somaliland) was thus inaugurated in 1994 together with appropriate Banking Laws, to insure that Banking regulations are carried out to the letter.

 

Board of Directors has accordingly been appointed together with a Governor of the Bank, Vice-governor, and a Director General. In addition, the Bank of Somaliland besides its functions as Central Bank, runs the activities of Commercial sector.

The Bank's main objectives are detailed in Article 3 of the Constitutive Law of Somaliland Bank as follows:

  maintain price and exchange rate stability;
  promote credit and trade condition which support balanced economic growth; and
  support the economic and financial policies of the government where possible.

The Bank of Somaliland performs both the functions of Central Bank of the Republic of Somaliland and the Services of the Commercial Bank. Bank of Somaliland was also given the responsibility of establishing the discount rate and intervening to control interest rates.

Contact Information:

Bank of Somaliland
Hargeisa
Republic of Somaliland

Tel:  +252 213 4500
Fax: +252 213 4551

Website: www.somalilandgov.com

Currency: Somaliland shilling
 

 

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