In 2022, the CBS granted license for two foreign banks: the Turkish bank @ziraatkatilimso and Egyptโs Banque Misr. They became the first two international banks to get an operating license since Siyad Barre nationalized all foreign banks.
Our recent report found that granting license to foreign banks would have a positive effect on #Somaliaโs financial sector by bringing in expertise and resources, increasing access to credit, and lowering transaction fees, as well as helping the country to correspond with the global financial system.
However, it is crucial for @CentralBankSo to strike a balance between encouraging foreign bank entry and ensuring financial stability and oversight. Adequate regulatory frameworks and supervision mechanisms should be in place to manage potential risks and maintain the stability of the domestic banking system.
Read the full report here to find out more: https://t.co/91LzDPh12j
International Partners,๐จ๐ญ๐ฉ๐ฐ ๐ฉ๐ช๐ช๐บ๐ณ๐ด๐ธ๐ช๐ฌ๐ง๐บ๐ธ,commend #TPEC and congratulate the people of the Federal Member State of #Puntland for the historic achievement of holding one person one vote elections. #democracy#Puntland#Somalia @TPECPuntland
Ahmed Adan Omar, walked for 1h30 to vote in Boodaal under Gumbax district. He walked from Adayo where the rain falls blocked the route.He is hopeful that the PA he supports will work on climate change effect in his district. #PLGE#PuntlandElections#PuntlandDecides
To educate the public about the voting process, PDRC held voter education forums in Israac & Wadajir villages in #Galkayo (Mudug region).Following the forum, participants participated in mock election exercises to simulate the voting process on election day. #PuntlandElections
After 24 years It will be the first time that the people elect their representatives as local council elections are starting tomorrow in Puntland. This is an important step for the member states of the FGS. I am glad that I am part of the change.
@Plstatehouse@TheVillaSomalia