Somalia Somalia

128 – Somalia Somalia

Ca na ld Ile Erua e M Mitsiwa itsiw 2006 At a Glance a Asmera� M E R � P E N I N S U L E � SOMALIE Asmara ROUGE Mendefera Adi KeyihE R Y T H R E E A R A B I Q U E D Asie E S 116 m E Population (mn) 8.5 R T e T k e z e Mekele D A Ras Dashen Terara� N 4620 m A Ile Haleb K D Aseb é tr I o it L d Moussa Ali� e Population Growth (annual %) 3.2 B $ 2063 m b e lM a nd Raasiga Caluula P L A T E A U � eb Ras Bir Caseyr Abune Yosef� a 4190 m 155 m Tadjour Asayita Golfe d'Aden Guna� Golfe de Djibouti Ras Adado 4231 m Boosaaso Ras Binnah Official Language Ras Maskan Cap Sura Somali Monte Bahaia� N DJIBOUTI 2200 m Baargaal ilB 1829 m leu Ras Khaanziir Shimber�

A Berris� w 2407 m Ceerigaabo Ras Hafun a s 1535 m h O O G Berbera M O N T S Currency Somali Shilling (SOS) Jem a Baki 2002 m Boorama 1988 m Qardho Dire Dawa� BurcoP L A I N E � ETHIOPIEN Hargeysa SARAR Bender Beyla � Harer Jijiga P L A T E A U � A R V A M LL D U S A W L s E H i E A D GDP (Current US$ bn) 2.1 S m E T a N N R O O G M F A Adis Abeba� a L fe Addis Abeba n N Laas Caanood r e E r Garoowe Lac� E D Ziway A Ras el Cheil GDP Growth (annual %) 3 O G le be he Lac� S Shala

Lac� MENDEBO ETHIOPIE Awasa Awasa Batu� 4307 m Gaalkacyo A GDP Per Capita (US$) U 247 G e D Lac� n O a Abaya le R A W N elm e G l E S he be le Dhuusa Mareeb W

a 378 m FDI, net inflows (US$ mn) (2005) 24 b e

e G s t e r n o D a aw l Beled � a e S Weyne h a b e e l l Xuddur e External Debt (US$ mn) J - u b ba D aua Buulo Berde Ceel Dheere Finno� 784 m

Garbahaarrey Baydhabo External Debt/GDP (%) - Jowhar Buur Hakaba KENYA Wanle Weyne Baardheere Afgooye Muqdisho CPI Inflation (annual %) Awdheegle Mogadiscio - Marka lle La ee k b Bor ha S

La Bu'aale P L A I N E S � ch B iss igh L a D E B U N k ach D L D era Exports of goods and services (% of GDP) - era Jilib

Tana Jamaame Gross official reserves (US $ bn) - Garissa Kismaayo O C E A N �

Gross official reserves (in months of imports) - PLATEAU DE YATTA INDIEN Ile Pate Ile Manda Ta na

Baie Ungama

G alana UNDP HDI Ranking - Ras Ngomeni 2210 m

0 km 100 200 300 400 km 1. overview of Financial System have been reported to be in circulation. One of these is Since the breakout of civil war in 1991, the formal banking issued by the Transitional National Government in the system in Somalia no longer functions. A new bank, the South, the other is the “Somaliland Shilling” circulating in Universal Bank of Somalia, was established in 2001 the North. The USD freely circulates in the whole country, following the closure of Al-Barakaat Bank of Somalia. which has been effectively “dollarized”, depending almost However, the few banks that do operate in Somalia are solely on expatriates’ foreign remittances. effectively non-banks due to the absence of meaningful SOS Per Unit of USD (Year End) deposits and the non-existence of correspondent and 4000 international banking services, caused by Sovereign Risk. 3000 2500 2. Foreign Exchange Market 2000 1500 The Somali Shilling (SOS) is a completely market- 1000 driven, independent, and freely-floating currency, due 2000 2001 2002 2003 2004 2005 2006 Source: Bloomberg to the absence, since 1991, of an effective government of national unity and the non-existence of a meaningful central bank or a functioning banking system. The system 3. Key Contacts of transferring funds in the country is, therefore, carried • Bank of Somaliland out by privately-owned remittance companies through Hargeisa, Somaliland an old practice (“hawaalad”), purely based on trust. Tel: +252-2-134-500, Fax: +252-2-13-4551 As of 1996, the SOS was still widely in use despite • Central Bank of Somalia S the lack of a government to back the currency. In 1999, Mailing Address: P.O. Box 11, the mass distribution of counterfeit Shillings reduced Mogadishu, Somalia the SOS value against the US dollar down from 7.5 to Other Address: Corso Somalia 10,000. The exchange rate was at SOS 2,600 / 1 USD in 55, Mogadishu, Somalia 2000. Four competing versions of the national currency Tel: +252-1-215241, Fax: +252-1-215026