Banking Supervision
The financial institution Decree Law No. 37 of November 23, 1989 mandates the Central Bank of Somalia to oversee domestic financial institutions through the CBS' banking supervision department.
Financial institutions supervised by the CBS are:
- Commercial banks
- Credit institutions
- Forex bureaus
- Money transfer operators (MTO)
Read more about this topic: Central Bank Of Somalia
Famous quotes containing the word banking:
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)