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The Central Bank of Somalia (CBS) (Somali: Bankiga Dhexe ee Soomaaliya, Arabic: البنك المركزي الصومالي) is the monetary authority of Somalia. Somalia has struggled to reestablish a functioning state since the collapse of an authoritarian regime in 1991.
This is a list of commercial banks in Somalia, as updated in late 2024 by the Central Bank of Somalia. [1] List of commercial banks. Agro Africa Bank; Amal Bank;
In 1990, the Commercial and Savings Bank of Somalia discontinued operations. The Central Bank of Somalia also ceased to function at an undetermined date. The Bank of Somaliland was established in 1994, three years after the independence of Somaliland. It has branches in most cities and towns in the country, with a recent one being built in ...
Bashir Isse (Somali: Bashiir Cisse, Arabic: بشير عيسى), also known as Bashir Issa Ali, is a Somali banker. He previously served as the CEO of the Commercial and Savings Bank of Somalia, and as both the Deputy Governor and Governor of the Central Bank of Somalia. As of April 2014, he is the Central Bank's permanent Governor.
On 13 September 2013, Omer resigned as governor of the Central Bank of Somalia a few hours after the presidential office informed him that changes would be made at the institution. [13] He was succeeded at the position by Yussur A.F. Abrar. She is the first woman to be appointed as the Central Bank's governor. [14]
On 1 November 2013, Abrar stepped down from her position as Somalia's Central Bank Governor. In a formal letter of resignation, she cited interference with the bank's functions as among the main reasons for her departure, as well as pressure to sanction deals that she believed were in violation of her fiduciary responsibility as head of the ...
Following the breakdown in central authority that accompanied the civil war beginning in the early 1990s, the value of the Somali shilling plunged. The Central Bank of Somalia, the nation's monetary authority, also shut down operations.
The "Bank of Italy" in 1950 Mogadishu, before being renamed "National Central Bank of Somalia" in 1960. Furthermore, on 1 July 1960, the newly independent Republic of Somalia established that the "Banca Nazionale Somala" (National Bank of Somalia) to take over the activities of the "Cassa" and the Mogadishu branch of Banca d'Italia.