In a significant development for the financial sector of Somaliland, the Central Bank of Somaliland has initiated a sweeping modernization program, marked by the arrival of international experts to bolster its supervisory framework. Governor Abdinasir Ahmed Hirsi and Deputy Governor Hamse Abdurahman Khaire welcomed senior advisors Mr. Austin Albert and Ms. Mankolo at the bank’s headquarters.
The experts, specializing in financial institutions supervision, will collaborate with the bank’s Supervision Department to train staff on strategic planning and implement Prudential Guidelines and legal frameworks. Their agenda includes developing robust supervision mechanisms and ensuring the accuracy of financial data on quarterly, semi-annual, and annual bases—a move aimed at enhancing transparency and efficiency in Somaliland’s banking sector.
This initiative comes as part of a broader reform effort launched since Governor Hirsi assumed office, reflecting the bank’s commitment to aligning with global financial standards. The meeting, attended by the Director and Deputy Director of the Supervision Department, underscores the institution’s determination to strengthen its regulatory oversight amid growing economic ambitions.