Article 84 of Puntland Constitution

[Somalia]

Article 84
THE CENTRAL BANK

1. The Central Bank is an autonomous institution of the Puntland State and is responsible
for:

(a) implementing the monetary policy of the government;
(b) issuing currency as the sole source;
© authorizing private financial enterprises, and
(d) supervising public or private financial institutions operating in Puntland; the last
two responsibilities shall be carried out until a specific public institution is set up to
fulfil them.

2. The Central Bank will be directed by a board composed of seven (7) members:

(a) the Governor General of the Bank,
(b) the Director General of the Ministry of Finance,
© the director General of the Ministry of Commerce,
(d) the Director General of the Ministry of Labour.
(e) three (3) members appointed by the Chamber of Commerce, and
(f) a non-voting secretary that will be the Director General of the Bank.

3. The Governor General of the Central Bank will be appointed by the Council of Ministers
for a period of five years; during such period he/she can only be dismissed by the causes
established in the Law and the appointment or the dismissal must be ratified by the
House of Representatives.

4. The organization and functioning of the Central Bank will be stated in a Law approved
by the House of Representatives (of Puntland).

[Carafaat]

Somalia, what is your opinion on this article?

[Somalia]

There are 12 Federal Reserve Banks located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St Louis, Minneapolis, Kansas City, Dallas, and San Francisco. Each reserve Bank is responsible for member banks located in its district.

[kingofkings]

Somalia;819118 wrote:

:cool:

[Carafaat]

Somalia;819118 wrote:

 

But those banks can not just print money or make their own monetary policy.