Somaliland Central Bank Touts Its Achievements

[Siciid1986]

Central Bank Touts Its Achievements

 

Hargeysa, Somaliland, January 21, 2012 (SL Times) – Somaliland Central Bank held an event to showcase its achievements for last year and to share with the public their plans for this year.

 

The event was attended by the Minister of Finance, Muhammad Hashi Elmi, the President of Somaliland Central Bank, Abdi Dirir Abdi, the Bank's vice President Omar Yusuf, the Director General of the Bank Abdillahi Hasan Adan, and other distinguished guests.

 

Speaking on the occasion, the The President of the Bank, Abdi Dirir Abdi men mentioned that when they took over the administration of the bank, it owed 4 million dollars and listed these achievements:

 

1- Increasing the salaries of the bank's staff.

 

2- Implemented, with the assistance of the ministry of finance, the use of Somaliland money in Togdheer.

 

3- Printed new money that was approved by Somaliland parliament, including 5000 and 1000 Somaliland shilling denominations.

 

4- Finished the banking law which is now in front of parliament.

 

5- Modernized the banking system.

 

6- Documented the bank's assets with the assistance of the ministry of public works.

 

7- Strengthened the working relationship with the ministry of finance.

 

As far as their plans for this year (2012), Mr Abdi Dirir Abdi, cited the following:

 

1- Make Somaliland currency the currency used in Sool and Sanag.

 

2- Construct new headquarters for the bank and to improve the bank's services.

 

3- Establish good working relationship with the ministry of finance.

 

4- Improve relationship with hawalas and other banks as well as upgrade the skills of the bank’s staff.

 

The Vice President of the Bank, Omar Yusuf, the Director General, Abdillah Hasan Adan, an official from Dahabshil, the president of the money exchangers, all attested to the importance of the job that the central bank is doing, and praised it for the money it recently printed, which they said was badly needed.