Bank of Somaliland

The Bank of Somaliland (Somali: Baanka Somaliland, Arabic: البنك المركزي صوماليلاند‎) is the central bank in Somaliland.[1] Established in 1994, it serves as both a monetary authority and a commercial bank for the territory. The central bank was provided for in the constitution of Somaliland. It has a head office in Hargeisa, in addition to seven other branches, and four foreign exchange offices in the airports at Hargeisa, Berbera, Borama and Gabiley.[2] The Bank has 12 branches throughout the whole country.[3]

Bank of Somaliland
Baanka Somaliland
البنك المركزي صوماليلاند

Seal of the Bank of Somaliland


Standard tableau of the Bank of Somaliland


Bank of Somaliland Building
HeadquartersHargeisa, Somaliland
Coordinates
EstablishedOctober 1, 1994
Ownership100% state ownership
GovernorAli Ibrahim Jama
Central bank of Somaliland
CurrencySomaliland shilling
WebsiteOfficial website of the Bank of Somaliland Official Facebook Page of the Bank of Somaliland

History

In 1952, National Bank of India (NBI), which later merged with Grindlays Bank to form National and Grindlays Bank, established branches in Berbera and Hargeisa in British Somaliland. NBI was the first bank in British Somaliland and was the banker to the colonial government until the State of Somaliland (the former British Somaliland) joined the Trust Territory of Somalia (the former Italian Somaliland) to form the Somali Republic in 1960.

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. The government combined Banco di Roma, Banco di Napoli, and National and Grindlays Bank to form the Somali Commercial Bank. The government also established the Somali Savings and Credit Bankto take over the commercial branches of Banca Nazionale Somala and Banque de Port Said, leaving the Banca Nazionale Somala with only central banking functions. The Somali Savings and Credit Bank had branches in Baidoa, Beledweyne, Berbera, Bosaso, Burco, Galkacyo, Qardho, Hargeisa and Kismayo, and for a while in Djibouti. In 1990 the Commercial and Savings Bank of Somalia discontinued operations. At some point the Central Bank of Somalia too ceased functioning.

The Bank of Somaliland was established in 1994, 3 years after the independence of Somaliland. It has branches in most cities and towns in the country, with a recent one being built in Oodweyne.[4]

Objectives

In line with Article 3 of the Constitutive Law of Somaliland Bank, the bank aims to:

See also

References
  1. Somaliland’s Quest for International Recognition and the HBM-SSC Factor Archived May 28, 2012, at the Wayback Machine
  2. "The Role of Somaliland Central bank on Exchange market". 1995. Cite journal requires |journal= (help)
  3. "Bank of Somaliland – Central Bank of Somaliland". Retrieved 2021-01-08.
  4. Magan. "Gudoomiyaa baanka somaliland baqdaadi oo ka waramey baahida keentey in baan laga dhiso oodweyne | ToggaHerer". Retrieved 2021-01-08.
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