IMF continues building up Somali central bank

central-bank-of-somalia
The Central Bank of Somalia, Mogadishu

Staff from the International Monetary Fund have outlined plans to help Somalia’s central bank further develop its own capacities and improve the country’s financial sector.

The Central Bank of Somalia (CBS) currently lacks the ability to implement monetary policy because of “massive counterfeiting” of the country’s currency, the Somali shilling, following the collapse of the Somali state in the 1990s.

Planned currency reforms would give the CBS the ability to implement monetary policy and is a