Somalia—Assessment Letter for the Central Bank of Somalia

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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Exports and Imports , Money and Monetary Policy , Public Finance , Article IV consultations , Financial statistics , International reserves , Access to Fund resources , Debt sustainability , Government debt management , Currency boards , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Currencies , Global , Somalia , currency board arrangement , currency exchange , assessment letter , extended credit facility

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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.