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The Central Bank of Somaliland currently uses foreign exchange auction as the sole monetary policy instrument and is planning to add the reserve requirement in the medium term.
The Bank Supervision Department’s mandate as stipulated under Article 4(2) of the Central Bank of Act is to foster liquidity, solvency and proper functioning of a stable market-based financial system.
National Payment System will have to provide for regulation and supervision of payment systems and payment service providers, and for connected purposes.
The Central Bank of Somaliland has missions and priorities that utterly supports the National Development Plan I, II, and the upcoming III which describes maintaining the price and financial stability through safeguarding the exchange rate, financial institutions’ soundness, access to finance, financial inclusion and compacting inflation to achieve a sustainable economic growth.
The Central Banks’ programme towards economic growth of the country is focused on macroeconomic stability, liberalization of the foreign exchange, international trade. The Government also put in place conditions to improve the incentive structure and business climate to promote savings mobilization and investment as well as the rehabilitation the country’s economic, social, and institutional infrastructure facilitated by robust financial system.
Founded in 1994, the Bank of Somaliland is the Central Bank of the Republic of Somaliland established under article 13 of the constitution of Somaliland. The Bank’s mission is to promote the well being of the people of the republic of Somaliland by maintaining monetary and financial stability. It is 100% owned by the Government of Somaliland but it is constitutionally autonomous institution.
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