Hornpost
HARGEISA – (Hornpost)- The President of the Republic of Somaliland, H.E. Abdirahman Mohamed Abdillahi (Ciro), held a high-level briefing meeting today at the Presidential Palace with the senior leadership of the Central Bank of Somaliland. The discussion focused on strengthening financial regulations, institutional reforms, and the ongoing modernization of the country’s top monetary authority.
President Ciro praised the Central Bank for its role in maintaining financial stability and safeguarding public confidence in the national currency. He described the Bank as a backbone of the national economy and a key pillar for sustainable economic growth in Somaliland.
This was the first official meeting between the President and the Central Bank Board since he assumed office on December 12, 2024. During the briefing, the Board updated the President on ongoing modernization and reform projects, including:
Increasing the Bank’s capital and revenue to enhance its financial strength and institutional independence.
A full diagnostic assessment of the Bank conducted by KPMG and the development of a medium-term strategy.
Implementation of the National Inclusive Instant Payment System (NIIPS).
The “Switch-KA” project, which aims to integrate and connect banks and financial institutions nationwide.
Establishment of a National Credit Reference Bureau.
Creation of a Deposit Insurance Scheme to protect customer savings.
Reforming Central Bank laws and monetary policies.
Modernizing and regulating the foreign exchange market.
Feasibility assessment of separating the State-owned Commercial Bank from the Central Bank structure.
The Board also briefed President Ciro on strategies to strengthen the Somaliland Shilling, stabilize market prices, and ensure a secure and predictable financial environment that attracts investment and builds public trust.
President Ciro commended the progress made in a short period of time, applauding the dedication of the Central Bank leadership to reform and modernization. He reaffirmed that his government fully supports these strategic projects, which he said are essential for strengthening the financial system, improving economic governance, and ensuring monetary stability.
The meeting was attended by the Governor of the Central Bank, the Deputy Governor, the Director General, and three members of the Bank’s non-executive board.
The session concluded with a mutual understanding, and the President assured the Bank’s leadership that his administration is committed to enhancing cooperation between the Central Bank and all government financial institutions as part of the national economic development agenda.
Prepared by
Hornpost staff Reporter
