Somalia Parliament Reviews Proposed Central Bank Law Amendments

GOOBJOOG NEWS | MOGADISHU: Somalia’s parliament has begun reviewing proposed amendments to the law governing the Central Bank, as lawmakers examine changes that could affect monetary policy and the regulation of the country’s banking sector.

The Budget, Finance, Planning, International Cooperation and Accountability Committee of the House of the People held consultations in Mogadishu with Finance Minister Bihi Iman Egeh and the Governor of the Central Bank of Somalia, focusing on proposed amendments to Central Bank Law No. 130, why the existing legislation needs to be revised and the implications of provisions introduced in the bill.

Committee members questioned the finance minister and central bank governor on specific clauses and areas requiring further clarification as they assess the proposed changes ahead of the bill’s next stage in parliament.

The review comes as Somalia continues efforts to strengthen its financial institutions and develop the regulatory framework governing the country’s banking sector.

Lawmakers are examining whether the proposed amendments provide an appropriate legal framework for monetary policy and the operation of the banking system while remaining consistent with Somalia’s Constitution and other existing laws.

The committee is expected to conduct further consultations and analysis before completing its review.

The bill will then proceed to the second reading in the House of the People, where MPs will debate the proposed changes and may introduce further amendments.

The consultations with the Finance Ministry and Central Bank form part of the parliamentary scrutiny process before the legislation is brought before the wider House for consideration.