Central Bank of Somaliland Bans Some Money Changers from Financial Services

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By Guleid Mahir

The Governor of Central Bank of Somaliland Eng. Ali Abdillahi Dahir has disqualified some money changers from operating in the country financial services sector. He has also sent a stern warning to the money changers who have been trying to devalue the Somaliland shillings against the dollar. He revealed that these clique of money changers had tried to compromise the services they partake for the general public.

According to the Central Bank intelligence reports some of the money changers have stopped the exchange of money services, while others have issued exchange rates that is different from the official exchange rate by the bank.

The chairman warned that anyone found flouting the Central Bank official exchange rate will face the law.

A terse statement from the Central Bank of Somaliland chief on 02 May 2023 that reached The Horn Tribune offices state the following:

“Disqualification of money changers by the Central Bank of Somaliland.

“These money changers, (see list below) have tried to manipulate the selling and buying rate by increasing their rates contrary to the law governing the exchange rate.  In this respect we have stopped the services of the following money changers so that we protect the Somaliland shillings from inflation.

“We have banned them from operating in the financial services sector to protect the markets from unnecessary upheavals.” The information was signed by the Central Bank chairman”.

They are

Earlier on, the bank banned three money changers for similar flouting of the regulations Dool Exchange (300739), Abiib Money Exchange and Asma Asiya on the 18th of April 2023 following two cautionary warnings.

 

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