🇸🇴 Somalia central bank highlights reforms after debt relief and financial sector overhaul

The Central Bank of Somalia said it has strengthened governance, banking supervision and payment infrastructure as the country rebuilds its institutions following decades of instability. According to African Business, the bank under Governor Abdirahman M. Abdullahi, who took office in April 2019, has secured a clean audit opinion, expanded beyond Mogadishu with three branches in federal member states, brought mobile money, insurance and microfinance institutions under regulation, and digitised government fiscal-agency services.

The reforms follow Somalia’s achievement of the HIPC Completion Point in December 2023, which reduced 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 is also preparing under its 2025–2029 Strategic Plan for the reintroduction of a national Somali shilling alongside the US dollar in an economy where more than 87% of people use mobile money and fewer than 20% hold a bank account.

#Somalia

🔸 Source

@africaintel