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Strengthening Mogadishu’s Weak Monetary Policy through Reforms 

The Central Bank of Somalia has recently integrated the International Bank Account Numbers (IBAN) into the National Payment System (NPS), which is expected not only to streamline payment processing and mitigate operational risks, but also to support the ailing economy. A new currency should also be introduced soon, boding well for the weak monetary policy in country plagued by conflict. CBS Governor Abdirahman M. Abdullahi said the bank was proud to bring Somalia into the SWIFT IBAN registry, which he said reflects the staff’s determination to develop the financial sector of the country. “IBAN delivers significant advancement for our banks, and we hope this will help restore the assurances of international correspondent banks, regulators, and investors with regards to Somalia’s reintegration into the international financial market,” Abdullahi said in a statement issued in Mogadishu, the capital of Somalia.

THE AFRICA REPORT