Bank of Somaliland
 Seal of the Bank of Somaliland  Standard tableau of the Bank of Somaliland  Bank of Somaliland Building | |
| Headquarters | Hargeisa, Somaliland |
|---|---|
| Coordinates | Coordinates: 9°33′42″N 44°03′50″E / 9.5618°N 44.0638°E |
| Established | October 1, 1994 |
| Ownership | 100% state ownership |
| Governor | Ali Ibrahim Jama |
| Central bank of |  Somaliland |
| Currency | Somaliland shilling |
| Website | bankofsomaliland.net |
The Bank of Somaliland (Somali: Baanka Somaliland, Arabic: البنك المركزي صوماليلاند) is the central bank of Somaliland.[1] Established in 1994, it serves as both a monetary authority and 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 country.[3]
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 what was then British Somaliland. NBI, the first bank in the protectorate, was the banker to the colonial government until in 1960 the State of Somaliland (formerly British Somaliland) joined the Trust Territory of Somalia (formerly Italian Somaliland) to form the Somali Republic.
After the bloodless coup d'état of 1969 that saw Mohamed Siad Barre's ascension to power, in 1971 the government 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 Bank to 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 time also in Djibouti. 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 Oodweyne.[4]
Objectives[]
In line with Article 3 of the Constitutive Law of Somaliland Bank, the bank aims to:
- maintain price and exchange rate stability
- promote credit and trade condition which support balanced economic growth
- support the economic and financial policies of the government where possible
See also[]
- Somaliland
- List of central banks of Africa
- Economy of Somaliland
- List of central banks
- Somaliland shilling
- Commonwealth banknote-issuing institutions
References[]
- ^ Somaliland’s Quest for International Recognition and the HBM-SSC Factor Archived May 28, 2012, at the Wayback Machine
- ^ "The Role of Somaliland Central bank on Exchange market". 1995.
{{cite journal}}: Cite journal requires|journal=(help)CS1 maint: url-status (link) - ^ "Bank of Somaliland – Central Bank of Somaliland". Retrieved 2021-01-08.
- ^ Magan. "Gudoomiyaa baanka somaliland baqdaadi oo ka waramey baahida keentey in baan laga dhiso oodweyne | ToggaHerer". Retrieved 2021-01-08.
External links[]
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- Economy of Somaliland
- Companies of Somaliland
- Central banks
- 1994 establishments in Somaliland
- Banks established in 1994
- African bank stubs
- Somaliland company stubs
- Banks of Somaliland