Security forces take over Forex offices in Mogadishu

Police have seized Forex company offices in Mogadishu following an order issued by the Central Bank of Somalia over closing all accounts held by private banks on Tuesday.

The security officials ordered people at Forex offices not to take any money or goods, and vacate all the Forex centers.

The Central Bank Board of Directors has issued resolution 43 / G, which directs private banks to close all bank accounts in foreign markets as soon as possible. The central bank of Somalia accused Forex Company over resident complains and not has a letter of authorization from the Central Bank which is responsible for monitoring all international and local money transfer.

Despite the political market dispute between Forex and other companies, Forex has also raised market competition.  Since the announcement of the Forex bank accounts bans issued by the Central Bank, many people are worried about their money and how to get back.

Forex trading has previously been said to be illegal, according to some Somali clerics. But still exist in Somalia.

Goobjoog News