On 26th June 1960 Somaliland received independence from Great Britain after around 80 years. Unfortunately Somaliland gave up its sovereignty within couple day by joining Italian Somali on 1st July 1960. This union was not well though one by Somaliland leaders as Somaliland was marginalised in the unification with Somalia. After bitter struggle and civil Somaliland regained its independence on 18th May 1991 through the livelihood of Somaliland people and most of the towns were totally destroyed by General Siad Bare.
From 1991 Somaliland reconstruction has been going on and Bank of Somaliland was established by Bank of Somaliland Act 1994 under a constitutive Law that followed closely the 1968 Decree Law relating to the then Somali National Bank. Under the Article 3 of the Back of Somaliland Act1994, Bank of Somaliland served as both a central bank and a commercial bank with the objectives of “… fostering monetary stability, maintaining the internal and external value of the Somali shilling, and promoting credit and exchange conditions conductive to the balanced growth of the economy of the Republic, and within the limits of its powers, it shall contribute to the financial and economic policies of the State”.
The Act 1994 was replaced by new Central Bank Act No 54/2012, which was signed by the President on 12 April 2012. The bank has all the powers and duties of a central bank which are set out in Articles 4 to 6 of the Central Bank of Somaliland Act 2012. The Bank has a head office in Hargeisa, the capital city, and twelve branches in different regions of the country and serves as a central bank and a commercial bank.
The vision of the bank is “To be one of the leading central banks in East Africa”
Promoting and maintaining price and financial stability, efficient financial sector and sustainable economic growth.
Our Core Values
- – Commitment and Integrity
- – Mutual respect and team work
- – Transparency and accountability
- – Creativity and Innovation