Duale Praises Pivotal Role of Central Bank calling it a Crucial Pillar to Economic Soundness

[Deeq A.]

Mr. Abdirashid Duale, the CEO of Dahabshiil Group of Companies was, on Thursday, among the dignitaries attending the handover ceremony during which top management of the Somaliland Central Bank changed hands.

Mr. Ibrahim Ali Jama ‘Baghdadi” took over the governorship. A veteran economist, Ahmed Hassan Arwo came in as the new Director-General.

Speaking at the occasion, Abdirashid Duale, Group CEO of Dahabshiil Group of companies said, “ I would like to use this opportunity to welcome Mr. Ali Ibrahim Jama (Bagdadi) , new chairman of the Somaliland central bank and also Mr. Ahmed Hassan Abdi Arwo, incoming Director General, and to thank the outgoing chairman and the director general who have done a good job and have overcome many challenges during that period”.

“Central banks all over the world ensure that privately owned banking and financial institutions stay within national and international compliance instruments, foster development, and coordinate life-saving, financial services,” Mr. Duale said.

Duale further emphasized the regulating role central banks played to oversee that private financial institutions served the best interests of the public thus becoming a most crucial pillar upon which any nation’s financial soundness and economic growth rested.

“The central bank is the supreme monetary authority in every country, and accordingly it has to perform various useful functions for ensuring smooth functioning of the economy and by working closely with commercial banks in strengthening those institutions”, he said.

Mr. Abdirashid Duale added, “Dahabshil group of companies will closely work with the incoming central bank team as we did with the outgoing management.”

Mr. Mohamed Said Awale, the manager Hargeisa Branch of Dahabshiil International Bank also spoke at the ceremony.

Dahabshil Bank International (DBI) came into operation in 2010 in Djibouti, before moving in to open branches in major Somali cities such as Hargeisa, Burao, Bossasso, Garowe, Mogadishu, and Kismayu.

Dahabshiil Pvt., the most senior company within the Group,  has a network of over 24000 operators and agents in 144 countries worldwide making it a most-trusted, formidable player in the remittance industry, internationally. The company provides a vital link between the Diaspora Somali and other African communities and relatives back home keeping an indispensable lifeline of remittances flowing.

The Vice President H. E Abdurrahman Abdillahi Ismail presided over the handing over ceremony of the held at the civil service commission hall.

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