By Goth Mohamed Goth
ADDIS ABABA – In a significant move to bolster economic integration, the central bank governors of Somaliland and Ethiopia held high-level talks in the Ethiopian capital on Saturday to strengthen financial cooperation and cross-border trade.
The meeting, held at the National Bank of Ethiopia headquarters, brought together Somaliland’s Central Bank Governor, Abdinasir Ahmed Hersi, and his Ethiopian counterpart, Mamo E. Mihretu. The discussions focused on creating a more robust and regulated financial framework between the two regions.
Key areas of collaboration discussed included the development of interoperable payments and settlement systems, trade financing mechanisms, and foreign exchange operations. The officials also addressed critical regulatory concerns, such as implementing joint anti-money laundering measures and establishing protocols for FinTech licensing.
A major outcome of the meeting was the agreement to establish a joint technical working group. This team will be tasked with following up on the initiatives and translating the discussed proposals into actionable policies.
Governor Hersi highlighted the strategic importance of the Berbera Port and its trade corridor for landlocked Ethiopia’s access to international markets. He urged for expedited progress on banking and insurance protocols to facilitate smoother port-use agreements, a move that would significantly enhance Ethiopia’s regional commerce.
In response, Governor Mamo E. Mihretu welcomed the initiative and committed to raising the matter with Ethiopia’s Ministry of Foreign Affairs to advance the discussions.
Further topics on the agenda included streamlining financial flows, regulating the cross-border khat trade, and the potential establishment of a branch of Ethiopia’s state-owned Commercial Bank of Ethiopia in Somaliland.
Both parties concluded the meeting by reaffirming their commitment to deepening financial cooperation, characterizing it as a crucial step toward fostering mutual economic growth and enhancing regional stability.
