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SUMMARY:CBS 4th Annual Conference on Economic Policy
DTSTART:20260728T053000Z
DTEND:20260729T103000Z
DTSTAMP:20261021T092800Z
UID:indico-event-16@events.centralbank.gov.so
CONTACT:events@centralbank.gov.so
DESCRIPTION:"Financial stability forms the foundation of Somalia's economi
 c recovery."\nSomalia's financial sector has advanced markedly in recent y
 ears\, moving toward greater stability\, inclusion\, and connection to the
  global economy. After decades of institutional collapse\, the country reb
 uilt core financial bodies\, restored regulatory capacity\, and strengthen
 ed the foundations of macro-financial stability. The CBS stands at the cen
 ter of this transition\, restoring trust in the financial system and steer
 ing the country toward a modern and resilient financial architecture.\nA m
 ajor milestone arrived in 2025 with the enactment of the new Anti-Money La
 undering and Countering the Financing of Terrorism law. The revised Financ
 ial Institutions Law strengthens the licensing and supervisory authority o
 f CBS\, while the National Takaful Act 2025 introduces a regulatory framew
 ork for Islamic insurance providers. Working with the National Identificat
 ion and Registration Authority\, CBS connected electronic know-your-custom
 er systems to the national identification database through the Hubiye e-KY
 C platform.\nCBS also modernized Somalia's financial infrastructure. A dec
 ade ago\, the country lacked basic national payment and clearing systems. 
 CBS closed that gap through a modern payments ecosystem\, starting with th
 e National Payment System in 2021. In 2025\, CBS launched the Somali Insta
 nt Payment System\, enabling real-time payments between banks and mobile w
 allets\, cutting settlement times\, lowering costs\, and widening access.\
 nYet structural vulnerabilities persist. Credit remains concentrated in sh
 ort-term trade financing\, while productive sectors receive limited lendin
 g. Markets stay shallow\, domestic capital markets remain absent\, and sys
 temic risk can arise from heavy remittance dependence\, global shocks\, an
 d gaps in supervision. The planned reintroduction of the Somali shilling u
 nder a currency board arrangement demands strong macroeconomic discipline\
 , credible reserve management\, and robust financial infrastructure.\n \n
 \n \n\nhttps://events.centralbank.gov.so/event/16/
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LOCATION:Hall 1 (Jazeera Hotel )
URL:https://events.centralbank.gov.so/event/16/
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