#0x2525 Somalia Central Bank officially re-opened by PM « Alshahid Network
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Somalia Central Bank officially re-opened by PM

By   /  February 2, 2011  /  No Comments

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Mogadishu (alshahid) — Somali Prime Minister Mohamed Abdullahi Mohamed (Farmajo) had made as one of his top priorities the re-operationalisation of the country’s central bank which had grinded to a halt since 1991.

The Central Bank of Somalia was established on June 30, 1960 and has now opened its doors to the public.

The Prime Minister said the bank opening is an important symbol for the independence and sovereignty of somalia, as well as the growth and stability of the institution.

The Central Bank of Somalia was one of the largest financial institutions in somalia, with 130 branches located throughout the country. The bank of the nation was destroyed by warlords and Criminal gangs that overthrew Somali President Mohamed Siad Barre in 1991.

“It feels real good to finally get the bank done,” said PM Farmaajo .

“Congrats to everyone who worked on the project!” He said in a short statement. “Today we are Making History.  First, I want to thank Hon. Abdullahi Jama Ali is the Chairman of Somali Central Bank. However slow the journey, we are making progress. We are committed to making real progress. We are going to have all the contractors and local nationals invest at the bank to make it easy Somali all over the world,” he said.

The bank will allows Somali people easier access to their money. The banking services can be used throughout the world.

He said the bank will provide services to somalis who work all over the world who may not have access to these services locally.

The bank will also help the local economy by providing jobs.

“Hopefully, we’re going to be able to help the Somali people,” the PM observed.

“We’ve had to overcome numerous obstacles. With the help of International Community and

Organizations, we were able to succeed.”

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