THE BANK OF SOMALILAND
REPUBLIC OF SOMALILAND


Establishment . Objectives . Directors . Operations
Departments . Branches . Currency

ESTABLISHMENT

One of the provisions of the National Constitution of the Republic of Somaliland is the establishment of a Bank to carry out Central Banking functions. The bank of Somaliland (Baanka Somaliland) was thus inaugurated in 1994 together with appropriate Banking Laws, to insure that Banking regulations are carried out to the letter.

Board of Directors has accordingly been appointed together with a Governor of the Bank, Vice-governor, and a Director General. In addition, the Bank of Somaliland besides its functions as Central Bank, runs the activities of Commercial sector.

 

THE OBJECTIVES OF THE BANK

The Bank's main objectives are detailed in Article 3 of the Constitutive Law of Somaliland Bank as follows: Fostering Monetary stability maintaining the internal and external values of the Somaliland Currency and promoting credit and exchange conditions conductive to the balanced growth of the economy of the Republic and within the limits of its powers, it shall contribute to the financial and economic policies of the state.

 

THE BOARD OF DIRECTORS

The Board of Directors is the highest policy making body of the Bank. Its powers, among others, include establishing and closing of branches; recommending an increase in capital determining net annual profit; establishing the general terms and conditions of service for the bank's staff and general rules on its . Expenditure; proposing the distinguishing features characteristics and amount of banknotes and coins to be issued; deciding on the general terms of external reserves; granting and revoking bank licences; deciding upon general terms and conditions for credit controls to authorised banks; approving the annual report and accounts of the bank.

The Board consists of seven members, comprising:

  • The Governor (Chairperson);
  • The Director General (Deputy Chair) and
  • Five members of which three members are prominent private businessmen.

 

THE OPERATIONS OF THE BANK

The Bank of Somaliland performs both the functions of Central Bank of the Republic of Somaliland and the Services of the Commercial Bank.

 

THE DEPARTMENTS OF THE BANK

The departments of the bank are as follows:
    1. Accounting Department
    2. Audit and Supervision Department
    3. Personnel Department
    4. Loans and Economic Research Department
    5. Technical Department
    6. Secretarial Department
    7. Central Cash Department

 

FUNCTIONING BRANCHES

Functioning Branches & Exchange offices The main Branches and Exchange Offices of the Bank are as follows:

01. Head Office (Hargeisa)

Tel: 253-210005 Ext. 3000/3024 252-213 4500
Fax: 252-213 4551
02. The Main Branch (Branch Number 1 in Hargeisa)
03. Main Foreign Exchange Branch (Hargeisa)
04. Berbera - Tel: 253-212003 Ext 2016, Fax: 253-212000
05. Burao
06. Borama
07. Gabiley
08. Eri Gabo
09. Foreign Exchange at Hargeisa Airport
10. Foreign Exchange at Berbera Airport
11. Foreign Exchange at Borama Airport
12. Foreign Exchange at Gabiley Airport

Currency

In October, 1994 with reference to the "Law of the establishment of the Bank of Somaliland" the Bank has formally introduced, for the first time, the Somaliland currency. While the cabinet ministers unanimously approved and administrative decree promulgating the Somaliland Shilling as the official currency of the Republic and accordingly announcing a three-month-long period for the eventual conversion of the old currency (Somali Shilling).

The Somaliland currency consists of the following denominations:

 
1. One Shilling Coin  
2. Five Shilling Note Sample
3. Ten Shilling Note Sample
4. Twenty Shilling Note  
5. Fifty Shilling Note  
6. One Hundred Shilling Note Sample
7. Five Hundred Shilling Note Sample