The Governor of the Central Bank of the Republic of Somaliland, Mr. Abdinasir Ahmed Hirsi, has announced that banks that do not implement the stipulated and specified standard guidelines would be held culpable of flouting regulations.
A statement issued by the bank’s governor, Mr. Abdinasir, reminded operating banks that it is prohibited to send money in USD below 100.
The Central Bank of Somaliland has ordered all financial institutions and operators to adhere to the rules and that they should not flout them at all.
“Licenses of all those who undermine, flout or violate the regulations would be suspended or heavy fines would be imposed upon them”, he stressed.
The central bank’s rules which were already in place aims to mitigate against inflation of the local currency by promoting its general use.
During the period of the new leadership, the central bank has been working hard to strengthen the value of the Somaliland shilling, and has been working closely with all stakeholders.