About the Central bank of Somalia (CBS)
The Central Bank of Somalia was established on June 30, 1960 by Decree No. 3 and converted into Law No. 2 of January 13, 1961.
The Bank shall be guided in all its actions by the objectives of fostering monetary stability, maintaining the internal and external value of the Somali Shilling, and promoting credit and exchange conditions conducive to the balanced growth of the economy of the Republic, and within the limits of its power, it shall contribute to the financial and economic policies of the State.
The history of the Central Bank of Somalia began when the United Nation’s Trusteeship Administration “A.F.I.S.” established on 8th April, 1950 a new currency institution regulator “Cassa per la circolazione monetaria della Somalia” with its Head Office in Rome (Italy). During the 1950s, as independence approached, on 6th April, 1959 the Head Quarter has been moved to Mogadishu, taking over all the assets, liabilities, operations of the Banca d’Italia’s Mogadishu branch.
On 3rd June, 1960 it ceased to exist and its functions have been transferred to the newly established central bank “Somali National Bank”.