Policy Papers

Somalia—Assessment Letter for the Central Bank of Somalia

December 18, 2024

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Format: Chicago

International Monetary Fund. Middle East and Central Asia Dept. "Somalia—Assessment Letter for the Central Bank of Somalia", Policy Papers 2024, 065 (2024), accessed December 18, 2024, https://doi.org/10.5089/9798400297632.007

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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.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Currencies, Currency boards, Debt sustainability, External debt, Foreign exchange, Government debt management, Money, Public debt, Public financial management (PFM)

Keywords: Access to Fund resources, Anti-money laundering and combating the financing of terrorism (AML/CFT), Article IV consultations, Assessment letter, Currencies, Currency board arrangement, Currency boards, Currency exchange, Debt sustainability, Extended credit facility, Financial statistics, Global, Government debt management, International reserves, Somalia

Publication Details

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