The Bank of Somaliland has welcomed renewed U.S. attention to Somaliland’s access to the international financial system, following a congressional hearing in Washington where a senior U.S. lawmaker raised concerns over financial and regulatory barriers affecting the country.
In a statement posted on X on September 16, Central Bank Chairman Abdinasir A. Hersi said the bank welcomed the discussion during the U.S. House Committee on Financial Services hearing held on September 15.
During the hearing, Congressman John W. Rose raised H.R. 7993, the Somaliland Economic Access and Opportunity Act, drawing attention to barriers limiting Somaliland’s access to U.S. and international financial systems.
U.S. Treasury Secretary Scott Bessent told the hearing that Treasury’s International Affairs team would brief him on the issue and that the department would engage with Rose’s staff.
The Central Bank said the congressional discussion builds on its own engagement with U.S. institutions. In January 2026, the Governor formally wrote to the U.S. Department of the Treasury seeking support in addressing barriers related to international payment systems, correspondent banking and SWIFT connectivity.
The bank said that communication also outlined its efforts to strengthen financial integrity and anti-money laundering and countering the financing of terrorism (AML/CFT) safeguards.
For Somaliland’s households and businesses, the bank described greater international financial connectivity as a practical economic priority. It said more efficient financial channels could help reduce the cost and friction of remittances, facilitate international payments by businesses, improve access to global markets and make it easier for students abroad to receive payments.
The bank also said improved financial connectivity could support investment and employment.
At the same time, the Central Bank emphasized that expanded access would need to be accompanied by stronger regulation, transparency, effective supervision and safeguards against illicit finance.
It said it remains committed to strengthening financial-sector supervision, AML/CFT controls, payment-system oversight and compliance with applicable U.S. and international standards.
“The Bank of Somaliland stands ready to provide the U.S. Department of the Treasury and other relevant institutions with objective and verifiable information on Somaliland’s financial system,” the statement said, adding that it would participate constructively in any technical engagement arising from the process.
The Central Bank also thanked Congressman Rose for raising the issue and said it welcomed continued dialogue with relevant U.S. institutions.
It described its broader objective as building “a safe, trusted, resilient, and internationally connected financial system” capable of serving Somaliland’s families, businesses and future generations.