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 12/5/2025, 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: Currencies, Money

Keywords: assessment letter, CBS capacity, Currencies, currency board arrangement, currency exchange, currency exchange project, ECF arrangement, ECF program, extended credit facility, Global, IMF CD support, Somalia, transparency policy

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