State Bank of Puntland
| Headquarters | Garowe, Puntland |
|---|---|
| Established | June 13, 1998 |
| Ownership | 100% state ownership [1] |
| Governor | Abdirisak Warsame Serar [2] |
| Central bank of | Puntland |
| Currency | US Dollar USD (ISO 4217) |
| Website | https://statebank.pl.so |
The State Bank of Puntland SBP (Somali: Bankiga Dhexe ee Dawladda Puntland) is the central bank of the Government of Puntland, an autonomous region of Somalia, and was established in 1998. The bank operates nine branches across the regions of Puntland, with its headquarters located in the capital city of Garowe. The current Governor of the bank is Abdirisak Warsame Serar.[2]
Overview
Since its establishment in 1998, the State Bank of Puntland has served as the backbone of Puntland’s financial system, driving economic growth and ensuring financial stability throughout the region. Headquartered in Garoowe, with nine strategically located branches branches, including those located in Bosaso, Galkayo and Qardho, SBP has expanding its financial services.[1][3] The company employs around 200 staff members, including 90 at its headquarters.[4] The bank is governed by Abdirisak Warsame Serar, with the General Director being Khadar Ugaas Abdi.[2]
Regulation
The bank relies on the financial regulations and legislation of the Federal Government of Somalia, as they don't currently have their own regulations in place. However, the bank is in the process of drafting a number of pieces of legislation, including Bank Licensing Regulation, AML regulation, Mobile Money Regulation and the Telecommunications Services Law.[5]
Currency
The region remains separate from Somalia in terms of currency, and does not use the Somalian shilling, having ceased doing so in 2021. The bank, and the region as a whole, rely on the US Dollar. The President of Puntland Said Abdullahi Deni announced plans to launch the region's own currency by the start of 2025. This has yet to happen.[6]
References
- ^ a b "About us – State Bank of Puntland". Retrieved 2025-04-12.
- ^ a b c "Our Leadership – State Bank of Puntland". Retrieved 2025-04-12.
- ^ "Gaas oo degdeg ku magacaabey guddoomiyaha Bangiga Puntland". Garowe Online. 2020-06-30. Retrieved 2025-04-12.
- ^ "Branches and Departments – State Bank of Puntland". Retrieved 2025-06-27.
- ^ "Regulatory Environment Analysis" (PDF). GMSA. Retrieved 2025-06-27.
- ^ "Puntland State President announces plan to introduce regional currency by 2025". www.hiiraan.com. Retrieved 27 June 2025.
External links