1. Notwithstanding the abrogation effected by Article 57, the entity known as The Somali National Bank, established by the Constitutive Law of the Somali National Bank, Decree Law No. 3/1678 of 30 June 1960, converted into Law by Law No.2 of 13 January 1961 shall continue as an entity under the same name but shall hereafter be governed by the provisions of this Law.
2. The Bank shall exercise any type of central banking function and shall enjoy all the prerogatives of a central bank, and without prejudice to the generality of the foregoing, shall in particular have the power to issue currency, regulate the banking and credit system and manage the external reserves of the Republic.
Article 3
Principal objectives
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 conductive to the balanced growth of the economy of the Republic, and within the limits of its powers, it shall contribute to the financial and economic policies of the State.
Article 4
Legal status and place of business
1. The Bank shall be an autonomous institution with perpetual succession.
2. The Bank may sue and be sued in its own name, as Somali National Bank, and shall have power to acquire; hold, dispose of and otherwise deal with property of whatever kind and to do all such other things as are requisite, advantageous or convenient for or in connection with the performance of its functions under this Law.
3. The Bank shall have its principal place of business in Mogadiscio, provided that in time of national emergency the Bank may, unless the Government objects, establish its head office temporarily in any other location within the Republic or abroad.
4. The Bank may establish or close branches in any location within the Republic or Abroad.
5. The Bank may appoint or cancel the appointment or agents or correspondents both within and outside of the Republic.
Article 5
Exemptions
1. The Bank shall be exempt from any taxes, imposts and custom duties.
2. The Bank shall also be exempted from postal and telegraphic charges in respect of its functions under Chapter VIII of this Law only.
Article 6
Employment of officers, etc
The Bank shall employ such officers, other employees and agents, at such remuneration and on such terms and conditions as it considers necessary or appropriate for the proper conduct of its business.
