About the Central Bank of Somaliland

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.

CBOS Vision is Promoting and maintaining price and financial stability, efficient financial sector and sustainable economic growth

The Somaliland Islamic Banks Law

The House of Representatives approved the Law on Islamic Banks on 19 September 2012 and the President signed the Law on 3 October 2012 (Decree No. 0270/102012).

The Somaliland Central Bank Law

The Somaliland Central Bank – Xeerka Baanka Dhexe – Law No. 54/2012 has been signed by the President on 12 April 2012 and has come into force on this date.