Somalia’s Central Bank orders immediate closure of forex accounts

The Central Bank has ordered closure of bank accounts held by forex trading companies in all commercial banks countrywide.

In an order issued on October 28 and seen by Goobjoog News following a meeting of the Board of Directors, the Bank instructed commercial banks to close bank accounts belonging to forex traders with immediate effect.

The order also directs commercial banks to submit names of the account holders and all monies held therein.

The order now deals a blow to the booming forex trade in the country. Several forex trading companies have opened particularly in Mogadishu in the last few months attracting Somalis to the forex business.

The common form of forex trading in the country has been through brokerage where individuals pay a certain amount of money to forex companies and receive a percentage on a monthly basis.