Las Anod, June 27, 2009 (Somalilandcurrent) — The Central Bank of Somaliland (CBS) opened its first branch in Las Anod, the regional capital of Sool on Friday. The branch will introduce Somaliland currency [Somaliland Shilling] to the region and will carry out all monetary policies, financial research, note issuance and anti-money laundering as well as general services of a commercial bank and exchange.
Las anod historically used Somali Shilling but since coming under Somaliland’s control in November 2007, the Somaliland government has built a number of institutions.
Currently, there are no foreign exchange or commercial banks in the city.
Central Bank of Somaliland governor Mr. Abdirahman Mohamed inaugurated the new branch also present for the opening ceremony were the governor of Sool, Mr Ali Mahamoud (Ali Sandule), traditional leader, Mr Adan Ali Duale, Mayor of Las Anod, Mr Anbashe Aw-Dahir and a large crowd from the public.
The Central Bank of Somaliland was established in 1994 after a bloody war with neighbouring Somalia – the bank has a governor, general director and five members of which three members are prominent private businessmen in its board of directors.
The Somaliland currency consists of the following denominations 5, 10, 20, 50, 100, 500 Shilling. Foreign exchange branches are usually located in regional airports such as Egal International Airport [Hargeisa], Borama airport and so on.