HARGEISA – The President of the Republic of Somaliland, His Excellency Abdirahman Mohamed Abdillahi (Irro), today presided over a strategic policy briefing with the senior leadership of the Central Bank of Somaliland at the Presidential Palace in Hargeisa.
The session focused on national monetary governance, systemic financial reform, and the accelerated modernization of the Central Bank — as a critical pillar of the nation’s economic sovereignty and fiscal sustainability.
During the meeting, His Excellency received a comprehensive update from the Board of Directors of the Central Bank, outlining the Bank’s reform trajectory and its ongoing efforts to strengthen institutional autonomy, operational capacity, and regulatory alignment with international financial systems.
This marked the President’s first formal policy engagement with the leadership of the Central Bank since assuming office on 12 December 2024. The Board’s briefing covered nine strategic priorities currently underway:
1. Strengthening the capital and revenue base of the Central Bank, ensuring enhanced fiscal independence and institutional durability.
2. Conducting a diagnostic institutional assessment in collaboration with KPMG, alongside the implementation of a medium-term strategic roadmap.
3. National rollout of the Inclusive Instant Payment System (NIIPS) — a modern, real-time, interoperable digital payment platform.
4. Deployment of a national financial switch (Switch-KA) to unify and digitize interbank transactions.
5. Establishment of a National Credit Reference Bureau to support responsible lending, improve credit visibility, and safeguard financial stability.
6. Creation of a Deposit Insurance Scheme to protect the public’s savings and strengthen systemic confidence.
7. Comprehensive reform of the Central Bank’s legal, regulatory, and policy frameworks in accordance with global standards and governance best practices.
8. Institutional modernization of the foreign exchange regulatory system, ensuring transparency, accountability, and market integrity.
9. Feasibility study for the creation of a State-Owned Commercial Bank, structurally independent from the Central Bank to support public financial services.
The Board also outlined its approach to protecting the value of the Somaliland Shilling, maintaining market stability, and fostering an environment conducive to investment, growth, and public trust.
His Excellency the President commended the Central Bank’s leadership for its reform-driven vision, rapid progress, and commitment to institutional restructuring. He highlighted the indispensable role of the Bank in safeguarding macroeconomic stability, reinforcing financial sovereignty, and upholding public confidence in the national currency.
The President affirmed his administration’s full strategic backing for the Bank’s modernization agenda, confirming that the Government will continue to extend the necessary legislative support, policy alignment, and inter-agency cooperation required to bring these reforms to full fruition.
The session was attended by the Governor of the Central Bank, the Deputy Governor, the Director General, and three members of the Non-Executive Board of Directors.
The meeting concluded with a joint resolve to strengthen the country’s financial governance infrastructure, expand access to reliable and secure financial services, and uphold the integrity and independence of Somaliland’s monetary institutions — central elements of the nation’s long-term development vision.