BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Central Bank of Somalia Central Bank of Somalia 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 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 DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved