The Regulatory Role of the Central Bank of Somalia

[Deeq A.]

Somalia is recovering slowly from its long drawn civil war, which is still continuing, albeit, at a lesser intensity. It would appear to have moved to a continuing bickering between politicians, which is completely sidelining the very reason for which the civil war started - the removal of a dictatorship and putting in its place a more balanced governing system to reflect the ages-old pastoral democracy of the Somali nomad. The banking system, the subject of this paper, along with all other aspects of Somali life is also coming back to shape, although it appears it has a long way to go before we can truly speak of a Somali banking system. The regulatory framework of this financial system and /or its absence is the subject of this paper.

Source: Hiiraan Online