Hargeisa(SD)-Somaliland President Muse Bihi Abdi recently appointed the high council to oversee the Bank of Somaliland, in an effort to curtail curroption.
There is no official announcement on President Bihi’s decree, but sources have confirmed to the Horn of Africa newspaper, that President Biixi, in line with the bank’s regulations, has nominated eight members of the High Council.
These members will be automatically included among them the three executive members of the Bank, the chairman, the deputy chairman and the general director of the Bank.
According to sources, the 8-member board appointed by the President to the Bank of Somaliland reside outside the country.
This is the strongest signal to curtail the alleged rampant fraud at the Bank by it’s leadership and due to the lack of accountability.
It’s has been long alleged that the Central Bank leadership had with impunity engaged in fraudulent activities.
A diaspora dominated High Council would be more mindful of fraudulent activates and wouldn’t be as easily susceptible to influence.