Somalia—Assessment Letter for the Central Bank of Somalia

Author: International Monetary Fund. Middle East and Central Asia Dept.

This IMF letter assesses Somalia's macroeconomic policies, plans to reintroduce the Somali Shilling, and implement a currency board, supported by capacity development and the ECF. Requested by the Central Bank, it aims to inform partners about reforms and seek their support.

Volume/Issue: Volume 2024 Issue 065

Publication date: December 2024

ISBN: 9798400297632

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Topics covered in this book

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Money and Monetary Policy , Somalia , currency board arrangement , currency exchange , assessment letter , extended credit facility , transparency policy , IMF CD support , ECF arrangement , currency exchange project , CBS capacity , ECF program , Currencies , Global

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Summary

This letter provides IMF staff’s assessment of macroeconomic policies in Somalia. It also discusses the authorities’ intention to reintroduce the Somali Shilling and implement a currency board arrangement, which the IMF will be supporting through extensive capacity development and the Extended Credit Facility arrangement. This assessment letter has been requested by the Central Bank of Somalia with the objective of sharing it with international partners to explain the currency reform and seek their support.