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Central Bank of Somalia Rethinking USD 600 Million Requests from Leading Telecommunication Company
Somali News

Central Bank of Somalia Rethinking USD 600 Million Requests from Leading Telecommunication Company

Central Bank of Somalia is withholding request from leading Somali Telecommunication Company to register USD 600 Million in its money transfer system. Hormud Telecommunication Company whose mobile money transfer system EVC PLUS is widely used in the country wants the Central Bank of Somalia to register more than 600 million USD circulating in its money transfer system. Senior staff at the company who declined his name because not authorized to speak to the media has revealed to Radio Dalsan about the request saying his company has sent the request letter to the bank and is still awaiting approval. Somali Central Bank officials said they are consulting World Bank and International Monetary Fund (IMF) before approving the request adding that financial services industries in the country must respect International financial laws i.e World Bank and IMF rules. Economists have faulted Somali telecommunication companies offering mobile money transfers saying they have de-valuated Somali shillings by allowing the use of foreign currency such as US dollar in the mobile transfer system. World Bank and IMF are helping in the restructuring of Somali Central Bank which was affected in more than two decades of civil strife in the horn of the African state.