HAFZA STOP PRESS
Press Release: Central Bank of
Office of the Governor
Central Bank of
Announcement:
Subject: Public Notice 01/05
Date:
In fulfillment of Articles 12 and 44 (d) of the Transitional Federal Charter and acting on a proposal of the Prime Minister following the unanimous decision of the Council of Ministers reached in its meeting of January 24, 2005, the President of the Transitional Federal Government of the Somali Republic, H. E. Abdullahi Yusuf Ahmed has appointed me as the Governor of the Central Bank of Somalia as per decree no. Tirsi/RSTS/XM/029/2005 dated
The Bank is a continuation of the former Central Bank of
As prescribed in the law, the Bank’s principal objectives are to foster monetary stability, maintain internal and external value of the Somali Shilling, and promote credit and exchange conditions conducive to the rapid growth of the economy of the Republic, and within the limits of its power, contributing to the financial and economic policies of the State.
The Bank plans to set up immediately a payment system to support the government operations. It also plans to establish a financial system to stimulate economic growth and employment generation. The Bank shall execute its functions and responsibilities in the whole country. I express my appreciation and support to the private sector for their leading role in the survival and resilience of the Somali economy during the long absence of Somali National Government. In particular, I would like to praise the Money Transfer companies for the remarkable role they played during and the post -civil war period. I guarantee that the Bank will encourage and support the expansion of a market driven economy and strive to create an environment conducive to private investment and high growth.
Like any Central Bank, the Central Bank of
A. To establish credible internal and external payment system.
B. To conduct monetary policy for price and exchange rate stability
C. To promote efficient utilization of foreign aid and manage foreign exchange reserves.
D. To maintain efficient allocation of resources through credit system.
E. To establish effective financial services to execute and control the government’s budget.
The Bank faces serious challenges, including:
1. Gaining fiduciary status locally and internationally and Re-establishment of international correspondence relations.
2. Raising initial capital needed to set up the treasury and working capital; skilled human resources and setting up systems and procedures to carry out its functions and respond effectively to a market driven economic and financial system.
3. Reconstructing of its balance sheet and accounting system.
4. Repossessing and rehabilitating of its physical properties, recovering past records and documenting and verifying domestic claims for suitable actions.
5. Estimating the money supply and issuance of national currency to facilitate an efficient payment system and the conduct of monetary policy.
6. Identifying and acquiring Somali national assets in foreign countries as well as ascertaining outstanding international claims against the Bank.
7. Addressing international legal issues arising from the collapse of the
8. Examining with creditors feasible options to sort out Somali external debt.
9. Finding appropriate solution to the issue of former employees of the Bank.
I call upon all Somali public to handover and transfer all properties; documents and materials in their possession belonging to the Bank. The Bank will make public arrangement for any handover or transfer. It proposes to reward suitably all the efforts contributing to the rebuilding of the Bank as part of our endeavour to rebuild the nation.
The role of the Central Bank is to strengthen public confidence in the management of public resources by the state. This is a shared responsibility that all public actors and institutions must contribute consistently and persistently.
The Central Bank is the sole issuer of currency, Banker to the Banks, Advisor to the Government, Banker and fiscal agent to the State, Domestic and foreign debt Manager/administrator of the Government. Implementation of these functions will require the full support of the government, Parliament, international community and the people of
I appeal to the Somali Business Community to support us in establishing a financial system that will benefit the expansion and growth of business activities in our country and further help
Finally, I would like to thank Dr. Andrew K. Mullei, Governor of the Central Bank of
Dr. Mohamud M. Uluso
Governor
Central Bank of Somalia
The email contact of the Bank is:
E-Mail: centralbsomalia@yahoo.com
E-Mail: gudbanki@yahoo.com
