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Central Bank of Somalia

 

Central Bank of Somalia Logo

The Central Bank of Somalia (CBS) (Somali: Bankiga ee Dhexe ee Soomaaliya, Arabic: البنك المركزي في الصومال‎) is the monetary authority of Somalia.

 
 

Somalia has had no central monetary authority for upwards of 15 years between the outbreak of the civil war in 1991 and the subsequent re-establishment of the Central Bank of Somalia in 2009, in terms of financial management, the newly-revived Central Bank of Somalia is in the process of assuming the task of both formulating and implementing monetary policy. Among other duties, it is in charge of ensuring financial stability, maintaining the internal and external value of the local currency, and promoting credit and exchange conditions that facilitate the balanced growth of the national economy. Within the scope of its powers, it also contributes to the financial and economic policies of the State.

The Central Bank of Somalia's medium and longer-term monetary policy objectives are:

  •  Price stability;
  •  Formulating and implementing monetary and exchange rate policies;
  •  Maintaining and enhancing the value of the Somali shilling;
  •  Maintaining financial stability; and
  •  Harmonizing and coordinating government fiscal policies with monetary policies.

As the reconstituted Central Bank of Somalia fully assumes its monetary policy responsibilities, some of the existing money transfer companies are expected in the near future to seek licenses so as to develop into full-fledged commercial banks.

Central Bank of Somalia HQ Location Map

Central Bank of Somalia
HQ Address: 11 Corso Somalia 55
Mogadishu
Somalia
Tel: +252 1 240 162
Fax: +252 1 241 152
Website: www.somalbanca.org
Swift Code: CBSOSOSM
Currency: Somali shilling
Banking Hours:
Saturday - Thursday : 0800 - 1130
 

 

This will serve to broaden the scope of the national payments system to include formal cheques, which in turn is expected to reinforce the effectiveness of the use of monetary policy in domestic macroeconomic management.
 

List of banks governed by the Central Bank of Somalia
» National Bank of Somalia » Commercial and Savings Bank of Somalia » Somali Commercial Bank
» Al Barakaat Bank » Dalsan Bank » Universal Bank of Somalia

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