Foreign de-risking keeps Somali banks isolated, governor says

Abdirahman Abdullahi 446A6610.jpg
Central Bank of Somalia governor Abdirahman Abdullahi
Lucy Stewart/Infopro Digital

Somalia’s reintegration into the world financial system is being held back by foreign regulators’ belief that its banks are “high risk”, the country’s central bank governor said.

Over the last decade, the Central Bank of Somalia (CBS) has rebuilt a financial sector that barely existed after the state’s collapse in 1991, Abdirahman Abdullahi said. Its efforts won Central Banking’s Payment and Market Infrastructure Development Award this year.

But international banks and regulators continue to

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