Bank of Somaliland

Bank of Somaliland
Baanka Somaliland
البنك المركزي صوماليلاند

Seal of the Bank of Somaliland Standard tableau of the Bank of Somaliland Bank of Somaliland Building
Headquarters	Hargeisa, Somaliland
Coordinates	9°33′42″N 44°03′50″E / 9.5618°N 44.0638°E / 9.5618; 44.0638
Established	October 1, 1994
Ownership	100% state ownership
Governor	Ali Abdillahi Dahir
Central bank of	Somaliland
Currency	Somaliland shilling
Website	cb.govsomaliland.org

The Bank of Somaliland (Somali: Baanka Somaliland, Arabic: البنك المركزي صوماليلاند) is the monetary authority, central bank, and commercial bank of Somaliland.^[1] Established in 1994, the central bank is provided for in the constitution of Somaliland. It has a head office in Hargeisa, in addition to sixteen other branches in the country.^[2][3]

In 1952, National Bank of India (NBI), which later merged with Grindlays Bank to form National and Grindlays Bank, established branches in Berbera and Hargeisa in what was then British Somaliland. NBI, the first bank in the protectorate, was the banker to the colonial government until in 1960 the State of Somaliland (formerly British Somaliland) joined the Trust Territory of Somalia (formerly Italian Somaliland) to form the Somali Republic.

After the bloodless coup d'état of 1969 that saw Mohamed Siad Barre's ascension to power, in 1971 the government nationalized the four foreign banks. The government combined Banco di Roma, Banco di Napoli, and National and Grindlays Bank to form the Somali Commercial Bank. The government also established the Somali Savings and Credit Bank to take over the commercial branches of Banca Nazionale Somala and Banque de Port-Said, leaving the Banca Nazionale Somala with only central banking functions. The Somali Savings and Credit Bank had branches in Baidoa, Beledweyne, Berbera, Bosaso, Burco, Galkacyo, Qardho, Hargeisa and Kismayo, and for a time also in Djibouti. In 1990, the Commercial and Savings Bank of Somalia discontinued operations. The Central Bank of Somalia also ceased to function at an undetermined date.

The Bank of Somaliland was established in 1994, three years after the independence of Somaliland. It has branches in most cities and towns in the country, with a recent one being built in Oodweyne.^[4]

In line with Article 3 of the Constitutive Law of Somaliland Bank, the bank aims to:

• maintain price and exchange rate stability
• promote credit and trade condition which support balanced economic growth
• support the economic and financial policies of the government where possible

The Bank of Somaliland isn't recognised by any country which is a factor in why it is not a part of many financial organizations or any at all. In 2022 the Bank of Somaliland "joined forces" with the Accounting and Auditing Organization for Islamic Financial Institutions or AAOIFI marking a turning point for Somaliland and its future.^[5]

1996-1996 notes [1]
Obverse	Reverse	Value	Main Colour	Obverse	Reverse	Date(s) of issue
		5/-	Green	Camel caravan in front of Naasa Hablood Hills near Hargeisa	Goodirka Building (Former House of Representatives, later Supreme Court) in Hargeisa, and a kudu to the right	1994
		10/-	Purple			1994, 1996
		20/-	Brown
		50/-	Blue			1996, 1996, 1999
		100/-	Khaki	Berbera dockside with Somali sheep and goats	Bank of Somaliland in Hargeisa	1994, 1996, 1999, 2002, 2005, 2006, 2008, 2011
		500/-	Blue
		1,000/-	Red			2011, 2012, 2014, 2015
		5,000/-	Green	Three camels and three goats foraging		2011, 2012, 2015
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

The central bank provides exchange services for various currencies at the official government rate, but most people prefer the unofficial rates used by hawala agents and money changers on the streets of main cities.

• In November 2000, the official exchange rate of Baanka Somaliland was Sl.Sh.4,550/- for 1 US dollar. Unofficial exchange rates at the time fluctuated between Sl.Sh.4,000/- and Sl.Sh.5,000/- per dollar. In December 2008, the official rate had fallen to Sl.Sh.7,500/- per US dollar.^[6]

• In December 2015, the generally recognized exchange rate was Sl.Sh.6,000/- per US dollar, and by July 2019, the generally recognized exchange rate had dropped to Sl.Sh.8,500/- per US dollar.

• In December 2022, the official exchange rate of Baanka Somaliland was Sl.Sh.8530/- for 1 US dollar. The Somaliland exchange rate in 2019 was Sl.Sh.8,500/- per US dollar which is a 0.35% increase of inflation, the Somaliland Shilling remains stable around the 8,000 mark and will most likely decrease in inflation in the coming years.

Current pegged exchange rate is U.S. dollar = ~ Sl.Sh.580/12.

• Somaliland
• List of banks in Somaliland
• List of central banks of Africa
• Economy of Somaliland
• List of central banks
• Somaliland shilling
• Commonwealth banknote-issuing institutions

• Official website

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