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Somalia: Will IBAN and new currency boost the economy?

By Mohamed Sheikh Nor

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Posted on April 14, 2023 10:31

© People walk outside Somalia’s central Bank in Hamarwayne district, south of capital Mogadishu May 16, 2013. REUTERS — People walk outside Somalia’s central Bank in Hamarwayne district, south of capital Mogadishu May 16, 2013. REUTERS

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 the war-plagued country.

In an interview with The Africa Report, the central bank’s governor Abdurahman Mohamed Abdullahi describes the IBAN introduction as yet another milestone for the betterment of the Somali financial sector.

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