Central Banks of Somalia has orderers the immediate closure of Forex trading companies' bank accounts countrywide.
The Central Banks of Somalia has ordered the immediate closure of Forex trading companies' accounts in all commercial banks countrywide. There have been fears that the forex bureaus have been used to cleanse and dispatch illegal money and also encourage money. In a letter addressed to the commercial banks on 23rd December, CBS said meeting by its board of Directors had agreed that banks to close the accounts with immediate effect. “All commercial banks should, with immediate effect surcease bank accounts owned by forex trading companies and submit their names and all monies held in the accounts,” the letter reads in part.