Somalia: Central Bank Opens 1st Branch in Galmudug State

11 August 2023
Shabelle Media Network (Mogadishu)

Dhusamareb — A milestone has been reached in Somalia as the central bank expands its service to Galmudug state, the first of its kind in 30 years.

The inauguration of the CBS branch in Dhusamareb City was presided over by Hassan Sheikh Mohamud, the President of the Federal Government of Somalia.

Thursday's event was also attended by Galmudug officials led by the President of the Federal State Ahmed Abdi Kariye Qoor-Qoor.

Last month, the Somali president reappointed Governor Abdirahman Mohamed Abdullahi by president Hassan Sheikh for a second four-year term, effective July 17, 2023. This is in accordance with CBS Act Law No. 130 of April 22, 2012.

The world bank said Somalia's efforts toward building strong institutions received a boost with a new $75 million grant, the second in a series of two grants that are helping the country make progress on its path to qualify for full and irrevocable debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative.

Over time, institution-building and sustained economic growth can help Somalia to build buffers to shocks and strengthen resilience.

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