The Central Bank of Somalia (CBS) has announced plans to modernize its regulations for commercial banks around the country.
CBS announced its intentions on July 14.
In its press release, CBS indicated that it would be modernizing capital adequacy regulations.
Similarly, the country’s treasury also intends to modernize its liquidity regulations.
Through these, the institution hopes to bring all the regulations in line with international standards and the Financial Institution Law.
CBS has already held a virtual workshop for Chief Finance Officers (CFOs) from all licensed commercial banks in the country.
The workshop was part of its plans to upgrade all relevant regulations.