Bank of Somaliland
Seal of the Bank of Somaliland Standard tableau of the Bank of Somaliland Bank of Somaliland Building | |
Headquarters | Hargeisa, Somaliland |
---|---|
Coordinates | 9°33′42″N 44°03′50″E / 9.5618°N 44.0638°E |
Established | October 1, 1994 |
Ownership | 100% state ownership |
Governor | Ali Abdillahi Dahir |
Central bank of | Somaliland |
Currency | Somaliland shilling |
Website | cb |
The Bank of Somaliland (
History
In 1952,
After the bloodless
. In 1990, the Commercial and Savings Bank of Somalia discontinued operations. The Central Bank of Somalia also ceased to function at an undetermined date.The Bank of Somaliland was established in 1994, three years after the independence of Somaliland. It has branches in most cities and towns in the country, with a recent one being built in Oodweyne.[4]
Objectives
In line with Article 3 of the Constitutive Law of Somaliland Bank, the bank aims to:
- maintain price and exchange rate stability
- promote credit and trade condition which support balanced economic growth
- support the economic and financial policies of the governmentwhere possible
Financial Organizations
The Bank of Somaliland isn't recognised by any country which is a factor in why it is not a part of many financial organizations or any at all. In 2022 the Bank of Somaliland "joined forces" with the Accounting and Auditing Organization for Islamic Financial Institutions or AAOIFI marking a turning point for Somaliland and its future.[5]
Currency and Exchange Rate
1996-1996 notes [1] | ||||||
---|---|---|---|---|---|---|
Obverse | Reverse | Value | Main Colour | Obverse | Reverse | Date(s) of issue |
5/- | Green | Camel caravan in front of Naasa Hablood Hills near Hargeisa | Goodirka Building (Former House of Representatives, later Supreme Court) in Hargeisa, and a kudu to the right | 1994 | ||
10/- | Purple | 1994, 1996 | ||||
20/- | Brown | |||||
50/- | Blue | 1996, 1996, 1999 | ||||
100/- | Khaki | Berbera dockside with Somali sheep and goats | Bank of Somaliland in Hargeisa | 1994, 1996, 1999, 2002, 2005, 2006, 2008, 2011 | ||
500/- | Blue | |||||
1,000/- | Red | 2011, 2012, 2014, 2015 | ||||
5,000/- | Green | Three camels and three goats foraging | 2011, 2012, 2015 | |||
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. |
The central bank provides exchange services for various currencies at the official government rate, but most people prefer the unofficial rates used by hawala agents and money changers on the streets of main cities.
- In November 2000, the official exchange rate of Baanka Somaliland was Sl.Sh.4,550/- for 1 US dollar. Unofficial exchange rates at the time fluctuated between Sl.Sh.4,000/- and Sl.Sh.5,000/- per dollar. In December 2008, the official rate had fallen to Sl.Sh.7,500/- per US dollar.[6]
- In December 2015, the generally recognized exchange rate was Sl.Sh.6,000/- per US dollar, and by July 2019, the generally recognized exchange rate had dropped to Sl.Sh.8,500/- per US dollar.
- In December 2022, the official exchange rate of Baanka Somaliland was Sl.Sh.8530/- for 1 US dollar. The Somaliland exchange rate in 2019 was Sl.Sh.8,500/- per US dollar which is a 0.35% increase of inflation, the Somaliland Shilling remains stable around the 8,000 mark and will most likely decrease in inflation in the coming years.
Current pegged exchange rate is U.S. dollar = ~ Sl.Sh.580/12.
See also
- Somaliland
- List of banks in Somaliland
- List of central banks of Africa
- Economy of Somaliland
- List of central banks
- Somaliland shilling
- Commonwealth banknote-issuing institutions
References
- ^ "Somaliland's Quest for International Recognition and the HBM-SSC Factor". Archived from the original on 28 May 2012. Retrieved 28 March 2023.
- ^ "The Role of Somaliland Central bank on Exchange market". 1995.
- ^ "Bank of Somaliland – Central Bank of Somaliland". Archived from the original on 2021-12-12. Retrieved 2021-01-08.
- ^ Magan. "Gudoomiyaa baanka somaliland baqdaadi oo ka waramey baahida keentey in baan laga dhiso oodweyne | ToggaHerer". Retrieved 2021-01-08.
- ^ @bank_somaliland (November 30, 2022). "We are Delighted to announce that the Central Bank of the Republic of Somaliland has joined forces with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)" (Tweet) – via Twitter.
- ^ "Somaliland Republic : Country Profile". Archived from the original on 2012-02-14. Retrieved 2005-12-02.