By Goth Mohamed Goth
HARGEISA, Somaliland — The Bank of Somaliland has publicly endorsed recent deliberations within the United States Congress concerning the region’s integration into the international financial system.
In a press statement issued on September 16, 2026, the Central Bank lauded a U.S. House Committee on Financial Services hearing held the previous day. The session spotlighted H.R. 7993, the “Somaliland Economic Access and Opportunity Act,” introduced by Congressman John W. Rose. The proposed legislation seeks to address the regulatory and financial obstacles currently restricting Somaliland’s access to U.S. and global markets.
According to the statement, U.S. Secretary of the Treasury Scott Bessent indicated during the hearing that the Treasury’s International Affairs team would brief him on the matter, signaling a willingness by the Department to engage with Congressman Rose’s staff on the initiative.
Building on Diplomatic Momentum
The Central Bank characterized the congressional hearing as a culmination of its ongoing diplomatic outreach. The statement noted that in January 2026, the Bank’s Governor formally petitioned the U.S. Department of the Treasury, advocating for support to overcome barriers in international payment systems, correspondent banking, and SWIFT connectivity. The Bank reiterated its dedication to bolstering financial integrity and reinforcing AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) safeguards.
Economic Imperative
The press release underscored that enhanced international financial connectivity is a critical economic necessity for Somaliland’s population and private sector. The Bank argued that more efficient and reliable financial channels are essential to:
· Lowering the costs and friction associated with remittances.
· Empowering local businesses to conduct international transactions and access global markets.
· Facilitating tuition payments for students studying abroad.
· Attracting foreign investment and stimulating employment.
Balancing Access with Security
While advocating for greater global access, the Bank of Somaliland acknowledged that such connectivity must be underpinned by “strong regulation, transparency, effective supervision, and robust safeguards against illicit finance.” The institution reaffirmed its commitment to rigorous financial-sector oversight, compliance with international standards, and the strengthening of payment-system controls.
The Bank expressed its readiness to furnish the U.S. Department of the Treasury and other relevant bodies with “objective and verifiable information” regarding its financial infrastructure, offering to participate constructively in any technical engagements.
A Shared Objective
The statement concluded with an expression of gratitude toward Congressman Rose for elevating the issue and a call for sustained dialogue with U.S. institutions.
“The Bank of Somaliland stands ready to build a safe, trusted, resilient, and internationally connected financial system that serves Somaliland’s families, businesses, and future generations,” the statement read.
