GOVERNOR’S MESSAGE
The vision and mission statement will guide the Bank on every level of performance, and our commitment to an outstanding execution and openness. The strategic plan is crucial in conducting our regular business and the execution of our responsibilities. The Strategic Plan outlines the objectives and action plans to transform the Central Bank of Somaliland over the next five years.We are committed to the setting of the exchange rate and financial stability in the Republic of Somaliland. Our well-thought mission of promoting and maintaining exchange rate and financial Stability, efficient and financial sector, and sustainable economic growth, has been generated through strategic thinking, which will get us to our long-term vision of “becoming the leading Central Bank in East Africa”. We are committed to the setting of the exchange rate and financial stability in the Republic of Somaliland. Our well-thought mission of promoting and maintaining exchange rate and inancial Stability, efficient and financial sector, and sustainable economic growth, has been generated through strategic thinking, which will get us to our long-term vision of “becoming the leading Central Bank in East Africa”. A clear vision and mission statement accompanied by an achievable set of strategic objectives is crucial for a successful financial sector. Because we believe that our strategic objectives can only be achieved by the personal growth of all our employees, we are determined to nourish the professional and personal growth of all our employees and their constant training and development. Throughout all our operations and activities, we will constantly remain dedicated to our core values based on commitment and integrity, respect, teamwork, transparency, and accountability. We are also fully aware of the substantial responsibilities bestowed upon us in securing rate, financial stability, and sustainable growth of the economy of Somaliland. In the light of these formidable responsibilities, we will strive to retain the public trust and credibility to transform the Bank of Somaliland into a viable modern Central Bank.
Eng. Ali Abdillahi Dahir
Governor, Central Bank of Somaliland
Core Functions
Monetary Policy
The Central Bank of Somaliland currently uses foreign exchange auction as the sole monetary policy instrument and is planning to add the reserve requirement in the medium term.
Bank Supervision
The Bank Supervision Department’s mandate as stipulated under Article 4(2) of the Central Bank of Act is to foster liquidity, solvency and proper functioning of a stable market-based financial system.
National Payment
National Payment System will have to provide for regulation and supervision of payment systems and payment service providers, and for connected purposes.
About Central Bank
Founded in 1994, the Bank of Somaliland is the Central Bank of the Republic of Somaliland established under article 13 of the constitution of Somaliland. The Bank’s mission is to promote the well being of the people of the republic of Somaliland by maintaining monetary and financial stability. It is 100% owned by the Government of Somaliland but it is constitutionally autonomous institution. Pursuant to the Central bank Act no.54/2012: the Bank maintains public confidence in the bank notes. The Bank designs and issues durable, high quality bank notes, containing advanced security features that are easy to check and resilient to counterfeiting. But confidence in our money is about more than just the bank notes we use. It is also about protecting the value of that money over time, so that households and businesses can plan, invest, save and spend with confidence. The Bank plays a vital role in maintaining this confidence through its monetary stability objective. To promote the safety and soundness of individual financial firms, the financial supervision and Regulation Unit of the Bank regulates and supervises roughly 300 different financial institutions including banks, remittance companies, foreign exchange dealers, micro-finances, insurers and major investment firms.
