🇸🇴 Somalia central bank highlights reforms after debt relief milestone

The Central Bank of Somalia said it has strengthened governance, expanded financial-sector supervision and modernised payment infrastructure as the country rebuilds its institutions and economy. In an article published on 9 October 2026, the bank said Somalia reached the HIPC Completion Point in December 2023, cutting external debt from about $5.2bn in 2018, around 64% of GDP, to about $638m by the end of 2023, around 5.5% of GDP. The bank said it now has a clean audit opinion, three branches in federal member states, and regulatory oversight of mobile money, insurance and microfinance institutions.

Governor Abdirahman M. Abdullahi, in office since April 2019, said the bank is also preparing for the reintroduction of the Somali shilling under its 2025–2029 Strategic Plan after the country remained largely dollarised since 1990. More than 87% of Somalis use mobile money, while fewer than 20% hold a bank account, according to the article.

#Somalia

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@africaintel