State Bank of Puntland

State Bank of Puntland
Bankiga Dhexe ee Dawladda Puntland
The coat of arms Puntland
HeadquartersGarowe, capital city Bosaso, commercial city
EstablishedJune 13, 1998 (1998-06-13)
Ownership100% state ownership [1]
GovernorAbdirisak Warsame Serar [2]
Central bank ofPuntland Government
CurrencyUS Dollar
USD (ISO 4217)
Websitehttps://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 state of Puntland, and was established in 1998. The bank operates nine branches across the regions of Puntland and owned abd regulated by Ministry of Finance, with its headquarters located in the capital city of Garowe and commercial city Bosaso. 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

Puntland Government remains distinct from the Federal Government of Somalia in terms of currency and no longer uses the Somali shilling, having discontinued its use in 2021. Both the bank and the Puntland state as a whole now rely on the US dollar. President of Puntland, Said Abdullahi Deni, announced plans to introduce the region's own currency in the future.[6][7]

References

  1. ^ a b "About us – State Bank of Puntland". Retrieved 2025-04-12.
  2. ^ a b c "Our Leadership – State Bank of Puntland". Retrieved 2025-04-12.
  3. ^ "Gaas oo degdeg ku magacaabey guddoomiyaha Bangiga Puntland". Garowe Online. 2020-06-30. Retrieved 2025-04-12.
  4. ^ "Branches and Departments – State Bank of Puntland". Retrieved 2025-06-27.
  5. ^ "Regulatory Environment Analysis" (PDF). GMSA. Retrieved 2025-06-27.
  6. ^ "Puntland State President announces plan to introduce regional currency by 2025". www.hiiraan.com. Retrieved 27 June 2025.
  7. ^ "Puntland to Introduce Own Currency, Deepening Rift with Somalia's Federal Government". Garowe Online. 2020-06-30. Retrieved 2025-08-20.


8°24′16″N 48°28′46″E / 8.404529°N 48.4793987°E / 8.404529; 48.4793987

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