The Governor of the Central Bank meets with the Representatives of Private Banks.

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By Goth Mohamed Goth

The Governor of the Bank of Somaliland, Mr. Ali Abdilahi Dahir together with the Deputy Governor of the Bank, Mr. Abdirahman Sheikh Hassan Ismail, Director General of the Bank, Mr. Mukhtar Abdi Quule, Director of the Financial Institutions Supervision Division, Head of the Financial Instruments Exchange Office and Director of the Financial Conduct Monitoring Division, today held a meeting with the heads of private banks in Somaliland, Dahabshil International Bank, Dara-Salaam Bank, Premier Bank, Amal Bank and the Chairman of the Somaliland Bank Association.

The meeting which was the first this year between the Bank of Somaliland and the Heads of Private Banks and among the issues discussed were-

  1. General Situation of Banks
  2. Challenges facing the Bank
  3. Enhancing the Transparency of Financial Activities and Accelerating the Implementation of Law No. 87/2019,
  4. Implementation of the Sharia Office and the operation of the Financial Resources Exchange Office (Clearing House Office).

At the end of the meeting, the following was discussed:-

1- To complete the laws that would improve the financial infrastructure of the country “Financial Infrastructure”.

2- To prepare a plan for the private banks and the central bank to advance our financial market in the country.

3- To put into operation the working process of the exchange of financial instruments (Clearing House) manually.

4- To speed up the communication between the private banks and the central bank and have another meeting together, if ALLAH permits.

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