Central Bank of Somalia

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Somalia

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On 1 July 1960 the newly independent Republic of Somalia established the Banca Nazionale Somala (National Bank of Somalia) to take over the activities of Cassa per la Circulazione Monetaria della Somali and the Mogadishu branch of Banca d'Italia, which had originally opened its branch on 15 November 1920. The new bank combined central banking activities with commercial banking activities.

In 1968, the government merged the Credito Somalo (Somali Credit Bank), which the Italian administration had established in 1954, with the Banca Nazionale Somalo.

In 1971, after the 1969 coup of Mohamed Siad Barre, the government established the Somali Savings and Credit Bank to take over the commercial branches of Banca Nazionale Somala and the branches of Credito Somalo, leaving the Banca Nazionale Somale with only central banking functions. The Somali Savings and Credit Bank apparently had branches in Baidoa, Beledweyne, Berbera, Bosaso, Burco, Galkayo, Qardho, Hargeisa, Kismayo, and possibly also for a while in Djibouti.

On February 8 1975, the government renamed Banca Nazionale Somala the Central Bank of Somalia (Somali: Bankiga Dhexe ee Soomaaliya). The government also merged Somali Commercial Bank and Somali Savings and Credit Bank to form Commercial and Savings Bank of Somalia, the only bank in the country.

Since the collapse of the political system in 1991, it is unclear whether the Central Bank is still working. There is no active website and news about this bank is rare. Bank notes purporting to be issued by Bankiga Dhexe ee Soomaaliya in Mogadishu were issued in the mid-1990s.

[edit] See also

• Central banks and currencies of Africa
• Economy of Somalia
• List of central banks
• Somali shilling

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