Central Bank of Somalia

The Central Bank of Somalia (CBS) (SomaliBankiga ee Dhexe ee SoomaaliyaArabic: البنك المركزي في الصومال‎) is the monetary authority of Somalia. 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.[1]

History

 Palace Koch Headquarter of the Bank of Italy, Via Nazionale Rome

On 15 November 1920, the Banca d’Italia opened a branch at Mogadishu. This was the first bank of any sort in what is now Somalia. Then in 1938 Banco di Napoli established a branch in Mogadishu and later one in Kismayo. (Banco di Napoli replaced Cassa di Risparmio di Torino, which had opened an office in Mogadishu in 1932.)

In 1952 National Bank of India (NBI), which later merged with Grindlays Bank to form National and Grindlays Bank, established branches inBerbera and Hargeisa in British Somaliland. NBI was the first bank in British Somaliland and was the banker to the colonial government until British Somaliland joined Italian Somaliland to form the Somali Republic in 1960. After the unification, National and Grindlays opened a branch in Mogadishu.

At some point prior to 1958 Banco di Roma established branches in Mogadishu and Merca. Both it and Banco di Napoli also had branches inEthiopia, particularly in Eritrea.

On 1 July 1960, the newly independent Republic of Somalia established the Banca Nazionale Somala (National Bank of Somalia) to take over the activities of the Cassa per la Circulazione Monetaria della Somali and the Mogadishu branch of Banca d’Italia. The new bank combined central banking activities with commercial banking activities.

In 1968 the government merged the Credito Somalo (Somali Credit Bank), which the Italian administration had established in 1954, with the Banca Nazionale Somalo.

After the bloodless coup d’état of 1969 that saw Mohamed Siad Barre‘s ascension to power, the government in 1971 nationalized the four foreign banks – Banco di Roma, Banco di Napoli, National and Grindlays Bank and Banque de Port Said) – and combined them to form the Somali Commercial Bank. The government also established the Somali Savings and Credit Bank to take over the commercial branches of Banca Nazionale Somala, leaving the Banca Nazionale Somale with only central banking functions. The Somali Savings and Credit Bank had branches in BaidoaBeledweyneBerberaBosasoBurcoGalkacyoQardhoHargeisa and Kismayo, and for a while in Djibouti.

On 8 February 1975, the government renamed the Banca Nazionale Somala to the Central Bank of Somalia (Bankiga Dhexe ee Soomaaliya). It also merged the Somali Commercial Bank and Somali Savings and Credit Bank to form the Commercial and Savings Bank of Somalia, which was at the time the only bank in the country. In 1990 the Commercial and Savings Bank of Somalia discontinued operations. At some point the Central Bank of Somalia too ceased functioning.

In 2009 the recently-formed Transitional Federal Government re-opened the Central Bank of Somalia in Mogadishu as part of its campaign to restore national institutions.[2] The Bank has an additional branch in Baidoa that is already operational with personnel in place. [3]

Notes

Categories: Truth to Power | 2 Comments

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2 thoughts on “Central Bank of Somalia

  1. sctu

    Shiikh Shariif madaxweynaha Somalia oo booqday xarunta Bankiga dhexe
    Madaxweynaha dowlada KMG Somalia ayaa maanta kormeer ku tegay xarunta bankiga dhexe ee Somalia oo ku taala degmada X/weyne ee gobolka Banaadir, iyadoo dhinaca kale raisul wasaaraha Somalia uu isna u ambabaxay magaalada Nairobi ee dalka Kenya.

    Madaxweyne Shariif ayaa kula kulmay xarunta Bankiga mas’uuliyiinta bankiga dhexe oo uu ka mid ahaa ku-simaha guddoomiya Bankiga ahna agaasimaha guud Aadan Maxamed Nuur (Saransoor) isagoo ku soo wareegay qeybaha uu Bankigu ka kooban yahay.

    Madaxweynaha ayaa warbixin ka dhageeystay madaxda bankiga taasoo ku saabsaneyd waxqabadka bangiga iyo xaalada uu hada ku sugan yahay Aadan, iyadoo Maxamed Nuur (Saransoor) agaasimaha bankiga ayaa sheegay in bankigu uu laamo ku leeyahay dekedda iyo Airporka Muqdisho kuwaasoo qaabilsan in ay soo ururiyaan dhaqaalaha ka soo xerooda goobahaasi isagoo balanqaaday iney dhowri doonaan nidaamka bankiga isla markaana ay ilaalin doonaan hantida Qaranka.
    Madaxweynaha Somalia Shiikh Shariif madaxweynaha Somalia oo halkaasi ka hadlay ayaa kula dardaarmay mas’uuliyiinta iyo shaqaalaha bankiga in ay dhowraan nidaamka Bangiga isagoo ku dhiirigeliyay in ay xaqiijiyaan amniga bankiga si loo muujiyo qiimaha Bankiga, isagoo xusay iney jiraan qorsheyaal lagu horamarinayo bankiga mustaqbalka.

  2. sctu

    Muqdisho, Axad, December 18, 2011——-Ra’iisul Wasaaraha Soomaaliya Dr. Cabdiweli Maxamed Cali ayaa maanta ka hadlay go’aanka ay dowladda Mareykanka muddada todobaadyada ah ugu qabatay howshii shirkaddaha xawaaladdaha Soomaalida ee lacagaha u diri jiray dalka Soomaaliya isagoo ku tilmaamay haddii go’aankaasi uu dhaqan galo inay tahay musiibo iyo dhibaato weyn oo la soo dersi doonta nolosha Malaayiin Soomaali ah kuwaasoo ku tiirsan lacagaha ay ka helaan eheladooda ku nool Qurbaha ee loo soo marsiiyo Xawaaladdaha.

    Ra’iisul Wasaare Dr. Cabdiweli Maxamed Cali ayaa tilmaamay in Xukuumad ahaan ay wadaan dedaalo la xiriira sidii arrintaasi loo baajin lahaa isagoo sheegay inuu la xiriiray dowladda Mareykanka una diray qoraal sidoo kalena uu xiriir dhanka Telefoonka ah la sameeyey xubno Sanataro ah si ay uga dhaadhiciyaan in Bankiyada Mareykanku aysan joojin wada shaqeyn kala dhexeysa Xawaaladdaha Soomaalida.

    “Anagu waxaan wadnaa dedaalo aan ku dooneyno inay sii socoto wada shaqeynta Bankiyada Mareykanka iyo Xawaaladdaha, waxaana qoraal aan ku codsaneyno arrintan in la baajiyo u diray mas’uuliyiin ka tirsan Dowladda Mareykanka, qaarkoodna waxaan kula hadlay Telefoon” ayuu yiri R.wasaaraha oo ku celi celiyay in arrintani ay tahay dhibaato dhaqaale oo soo wajahi doonta shacabka Soomaaliyeed.
    Sidoo kale, R/wasaaruhu waxa uu sheegay in Dowladda Mareykanka ay kala xaajoonayaan sidii loo xalin lahaa ama looga hortagi lahaa wixii khatar Amni ah oo ka soo gaari karta Dowladda Mareykanka isagoo xusay in dowladda Soomaaliyeed ay diyaar u tahay in si wada jir ah looga hortago cid kasta oo qaswade ah oo isku dayda inay si khaldan uga faa’iideystaan lacagahaasi Soomaaliya loo soo diro “Waa waajib in la dhowro Shuruucda iyo Xasiloonida dowladda Mareykanka sababtoo ah dadku lacagaha waxay ka dhex shaqeeyaan Mareykanka gudihiisa mana ahan in isla wadankii ku caawiyay aad ku dhibaateyso lacagtiisii” ayuu mar kale yiri Dr. Cabdiweli.

    Ra’iisul Wasaaraha Xukuumada FKMG ah ee Soomaaliya Mudane Cabdiweli Maxamed Cali waxa uu sharaxay lacagahan ay dadka dibadduhu u soo diraan eheladooda Soomaaliya jooga inay laf dhabar u tahay nolosha Kumanaankun oo qoysas maadaama buu yiri dalka aysan ka jirin ilo dhaqaale oo ay ku tiirsan yihiin shacabku “Lacagta dibadda laga soo diro waxaa lagu qiyaasaa inay dhantahay saddex meelood hal meel wax soo saarka dalka ee sanadkiiba, waana dareemi kartaan waa kharash aad u badan”.

    Ugu dambeyntiina, wuxuu xusay inuu kulamo la yeelan doono mas’uuliyiinta gudaha ee shirkaddaha Xawaaladdaha si uu ugala hadlo sida loo xakameyn karo in lacagaha ka yimaada dibaddaha aysan si khaldan ugu gacan gelin kooxaha xagjirka ah xiriirkana la eh Argagixisada Caalamiga ah.

    – DHAMAAD –

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