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The Central Bank of Somalia refers to the central bank of Somalia. It was established on June 30, 1960 by Decree No. 3 and converted into Law No. 2 of January 13, 1961. The current status of the bank is uncertain in the aftermath of the Somali Civil War and the collapse of the Siad Barre regime in 1991. Bashir Issa Ali is currently assuming the position of Governor of the central bank.

In July 2009, Somalia's Transitional Federal Government hired PriceWaterhouseCoopers (PwC), one of the world's largest professional services companies and the largest of the Big Four auditing firms, to monitor development funding, with PwC now serving as a trustee of an account in Mogadishu earmarked for the security, healthcare and education sectors. This was followed in November of that year with a US$2 million agreement between the government and the African Development Bank (AfDB), which saw Somalia re-engage with the AfDB after nearly two decades of interruption. The grant is aimed at providing financial and technical assistance; specifically, to develop a sound legal framework for monetary and fiscal institutions and human and institutional capacity building, as well as to establish public financial systems that are transparent.

Somalia Banks

There are a number of licensed commercial banks operating in Somalia. The list includes: National Bank of Somalia, Commercial and Savings Bank of Somalia, Somali Commercial Bank, Al Barakaat Bank, Mogadishu, Dalsan Bank and Universal Bank of Somalia (UBSOM).


The Somali Shilling (currency symbol: So/Sh, currency code: SOS) has been Somalia’s currency since 1962. It is subdivided into 100 cents. The banknotes in circulation are in 500 and 1,000 shillings dominations whereas the only circulated coin is the 100 shillings.

The Somali Shilling per US$ rate is 1,595 (2010). Since businesses in Somalia print their own money, the inflation rates cannot be easily determined.

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