Central bank of Somalia receives international award

GOOBJOOG NEWS: The Central Bank of Somalia has received an award from the Central Banking’s Payment and Market Infrastructure Development for 2023, for its remarkable efforts in enhancing the financial sector in the country.

While receiving the award on behalf of the Central Bank, Governor Abdirahman M. Abdullahi expressed gratitude for the recognition, attributing the achievement to the relentless dedication and hard work of CBS staff and management.

He said the acknowledgment serves as a testament to the institution’s commitment to advancing the financial landscape in Somalia.

The Central Banking award acknowledges CBS’s significant contributions to the development of payment systems and market infrastructure, which play a crucial role in facilitating economic growth and stability.

By fostering a robust institutional capacity, CBS aims to solidify its role as an effective regulator and policy-maker, further bolstering its support for Somalia’s financial stability and overall economic progress.

The recognition comes at an opportune time for the Central Bank of Somalia, as it lays a foundation for a resilient and inclusive financial systems.

“With a focus on capacity building, CBS seeks to fortify its capabilities in regulating financial institutions and formulating policies that foster sustainable economic growth,” Governor Abdirahman M. Abdullahi observed.

Further, the Governor noted that the award-winning efforts of CBS reflects the bank’s dedication to promote financial inclusion, attracting investment, and ensuring the stability of Somalia’s economy.

“Through innovative initiatives and strategic collaborations, CBS has been instrumental in driving the modernization of payment systems and market infrastructure within the country.”