Transforming the Central Bank into a Policy-Oriented Institution

Somalia is rebuilding institutions after 30 years of conflict and state failure. The Central Bank of Somalia (CBS) is now able to provide basic central banking functions (e.g. as financial agent of the state) but is unable to provide other elements of its core mandate (e.g. monetary or exchange rate policy, currency issuance). It has restructured itself, recruited senior leaders from the Somali diaspora and established a strategic plan for the period from 2020-24 to increase its capabilities. To achieve this objective it requires expert advice, training and mentoring beyond what is available in Somalia. Like all government institutions in Somalia, the CBS has a severely constrained budget and enormous needs. It is therefore seeking a 1-year initiative. The CBS has identified a package of central banking expertise that it would welcome from Canada. Specifically, it is seeking expertise in international financial reporting standards, national payment system risk, and macroeconomic policy. It would welcome any combination of one or more of these experts, depending on the constraints of the TAP-EDM.