central bank governor resignations letter

[Miyir]

October 30, 2013

 

HE Hassan Sheikh Mohamud

President of Federal Republic of Somalia

 

Mr President:

 

It is with great sadness that I submit to you this letter to serve as

my official resignation of the post of Governor of the Central Bank of

Somalia.

 

Your excellency, when I accepted this role, I did so with the

interests of the Somali people in mind. Having worked at senior levels

at some of the largest financial institutions in the world, I was

looking forward to the opportunity to lend my skill sets to rebuild

the Central Bank and improve the lives of our people, as the Central

Bank is key to the development of the economy. I was encouraged and

inspired by the Somalis whom I met everywhere I went, so full of hope

that the nation’s recovery was near, and that they could soon partake

in the rebuilding process. Undoubtedly, economic recovery is critical

to this recovery from both a fiscal and security perspective.

 

However, it has become clear to me that my ability to act in the

interests of the Somali people has been undermined and will continue

to be undermined by various parties within the administration. From

the moment I was appointed, I have continuously been asked to sanction

deals and transactions that would contradict my personal values and

violate my fiduciary responsibility to the Somali people as head of

the nation’s monetary authority. To use one example, as you are aware

based on our multiple conversations on this matter, I vehemently

refused to sanction the contract with the law firm Schulman & Rogers,

regarding recovery of the Somali financial institutions assets frozen

since the fall of Siad Barre’s regime.

 

Your Excellent I have read both the Agreement and Power of Attorney which your office instructed the

former governor to sign with the law firm. I don’t believe that these

documents serve the interest of the Somali nation and I believe that

they put the frozen assets at risk and open the door to corruption. My

suggestion to let me share these documents with a Central Bank

appointed legal counsel for a second opinion fell on deaf ears. The

message that I have received from multiple parties is that I have to

be flexible, that I don’t understand the Somali way, that I cannot go

against your wishes, and that my own personal security would be at

risk as a result. I am the least concerned about the security threat,

but I am truly disappointed that I have not received your support and

leadership on this matter so that I could objectively perform my

duties.

 

Your Excellency, I am sure you are aware, Part II, Section 3, Article

6 of the Central Bank of Somalia Act states: “Except as otherwise

specified in this Act, the Bank, and the members of the Board or the

staff, shall not take instructions from any other person or entity,

including Government entities. The autonomy of the Bank shall be

respected at all times and no person or entity shall seek to influence

the members of the decision-making bodies or the staff of the Bank in

the performance of their functions or to interfere in the activities

of the Bank”. Unfortunately the Central Bank has not been allowed to

function free of interference, and as such cannot operate as a

credible institution.

 

Your Excellency, the Central Bank is in poor condition with payroll

processing the only semi-functioning unit. It will take dedicated

effort, expertise, and commitment from multilateral agencies to build

it into a fully functioning Central Bank. It requires a governance

structure starting with the appointment of a Board of Directors. Most

of all for the country’s economic recovery to start, financial system

to advance, and Hawalas to remain open and continue to serve the

Somali people, the Central Bank has to take its rightful place as

licensor, supervisor, and monitor of the country’s financial system.

 

In the seven weeks since my appointment as Governor, I have already

made significant progress. I met with global financial leaders,

including the World Bank, IMF, AfDB, Barclays and the US Government,

to raise the profile of the remittance crisis facing Somalia and help

drive a solution. I worked closely with the World Bank and the IMF to

develop a detailed plan to rebuild the Central Bank?s functions on a

large scale. The IMF has already started training our staff in

Nairobi. I reached out to the money transfer companies who are now

looking to the Central Bank for leadership and guidance. The staff at

the Central Bank is more motivated now than they been since before the

civil war. I can only imagine what could have been achieved provided I

had your support to perform my duties objectively.

 

Your excellency, while I am disappointed by this lack of support, I am

more disappointed for the Somali people who would have benefited the

most from these and future contributions.

 

Sincerely,

 

Yussur A.F. Abrar

 

Governor

[Miyir]

what a lose

[Che -Guevara]

A loss for the people.

[nuune]

Your Excellency, I am sure you are aware, Part II, Section 3, Article

6 of the Central Bank of Somalia Act states: “Except as otherwise

specified in this Act, the Bank, and the members of the Board or the

staff, shall not take instructions from any other person or entity,

including Government entities. The autonomy of the Bank shall be

respected at all times and no person or entity shall seek to influence

the members of the decision-making bodies or the staff of the Bank in

the performance of their functions or to interfere in the activities

of the Bank”

I can swear that the president NEVER read this part, or any of those guys called TOPAZ, SAACID, TARZAN, FIQI, all of these and others as I mentioned before in any another thread have messengers who regularly visit the Central Bank, these messengers are well known to the staff, the staff themselves were hand-picked by the said officials to work closely with the messengers.

 

 

This is tragic, this is sad, this is the end, the hope we all had with this president is all but yet gone, ninkii aan laheyn Soomaali buu isku keenayaa maadaama uu wlaigii Soomaaliya joogey, waaba dharaboow madaxweynaheena, dhuudhi lugaha dadka ka gala oo aamusan hoosna kaa jaqayaya sidii subxaanya qeyd xidhan.

[Xaaji Xunjuf]

[SomaliPhilosopher]

Well this clears up some things. Those should note there is a difference between being asked to 'partake' in corruption and doing things that may 'open' the door to corruption. A much softer allegation, if an allegation at all.

[Hawdian]

Every somalilander that has gone to Xamar has been humiliated when will these people learn not to work for a foreign Gov . Ms Abrar is just the latest in a long list starting in 60 's. it wouldn't surprise me if all the defenders of nepotism corruption xaraam are already slandering ms Abrar.

[Miyir]

SomaliPhilosopher;985782 wrote:

Well this clears up some things. Those should note there is a difference between being asked to 'partake' in corruption and doing things that may 'open' the door to corruption. A much softer allegation, if an allegation at all.

clears what? Qoslaaye is the center of the corruption or do you want names named?

[nuune]

SomaliPhilosopher;985782 wrote:

Well this clears up some things. Those should note there is a difference between being asked to 'partake' in corruption and doing things that may 'open' the door to corruption. A much softer allegation, if an allegation at all.

Never thought someone will come and declare their full support for a corruption that was taking pace and is taking place right now and in the future

[SomaliPhilosopher]

Though I wished she stayed, I would agree in saying she doesn't "understand the Somali way." Yes the Central Bank of Somalia Act does give the bank autonomy and it should do so in practice. But of course these 'articles' and 'clauses' for all practical purposes don't really matter. We are a country that are just transitioning from over twenty years of lawlessness, at least of formal law. What did Yussur expect? For these dusty acts and bills to be taken off the shelf and the government to act in full accordance? For the President to attend to all her inquiries with only four weeks on the job, with most of her time spent abroad? These things take time. Yussur should have understood that and work accordingly instead of provoking a full out scandal because of the potential 'opening' of doors of corruption. Yussur will be received as a hero. A strong figure who stood her ground and held strong to her 'personal values'. Though with all idealism aside, this is not a testament of strength, but rather one of weakness. Somalia does not need 'personal values'. It needs patience. It needs flexibility. It needs calm . It needs understanding. These are not values of an individual but rather one of a nation.

[YoniZ]

It is fair to say the magnitude of this political damage is much bigger than any other challenges SFG faced in its one year rule.

 

While the sell out was, this government is the first non 'Transitional' in two decades. The above characterize it, as not in a position, or even not willing to engage any notable nation building practice.

 

The interesting question will be: Who on earth will accept this position after that resignation?

[Miyir]

Miyir;985773 wrote:

October 30, 2013

 

 

However, it has become clear to me that my ability to act in the

interests of the Somali people has been undermined and will continue

to be undermined by various parties within the administration. From

the moment I was appointed,

I have continuously been asked to sanction

deals and transactions that would contradict my personal values and

violate my fiduciary responsibility to the Somali people as head of

the nation’s monetary authority.

To use one example, as you are aware

based on our multiple conversations on this matter, I vehemently

refused to sanction the contract with the law firm Schulman & Rogers,

regarding recovery of the Somali financial institutions assets frozen

since the fall of Siad Barre’s regime.

 

Your Excellent I have read both the Agreement and Power of Attorney which your office instructed the

former governor to sign with the law firm. I don’t believe that these

documents serve the interest of the Somali nation and I believe that

they put the frozen assets at risk and open the door to corruption. My

suggestion to let me share these documents with a Central Bank

appointed legal counsel for a second opinion fell on deaf ears. The

message that I have received from multiple parties is that I have to

be flexible, that I don’t understand the Somali way,

that I cannot go

against your wishes, and that my own personal security would be at

risk as a result. I am the least concerned about the security threat,

but I am truly disappointed that I have not received your support and

leadership on this matter so that I could objectively perform my

duties.

 

 

 

Sincerely,

 

Yussur A.F. Abrar

 

Governor

SP

 

contradicting yourself in the same sentence, defending the undefendable, good luck

[uchi]

What a disgrace. What is more important to this president? He is flying every day asking (kissing ***) for money, and he doesn't have time to speak to the head of the Central Bank and listen to her concerns?

[Miyir]

uchi;985796 wrote:

What a disgrace. What is more important to this president? He is flying every day asking (kissing ***) for money, and he doesn't have time to speak to the head of the Central Bank and listen to her concerns?

read again he is the one pushing her to rob the bank.

[spartacus]

all hassan want to steal the money through bank governor, so that she will pay the price,, hassan is a smartass