The central bank is an
independent national authority integral to the economy of any country by
conducting duties such as regulating banks, setting the monetary and fiscal
policies to stabilize the currency and prevent inflation and carrying out
economic research.
The institution is in
charge of the country’s wealth, making the governor of the bank a very
important person in the country.
Like the position of
president, the governor of the central bank is usually reserved for a
distinguished citizen of that country who has harnessed valuable experience,
especially in the area of finance.
Somalia has recently
decided to be different in that regard as lawmakers in the country voted
unanimously to allow the country’s president, Mohamed Abdullahi Mohamed, to
appoint a foreigner as governor of the central bank.
A total of 158 lawmakers
voted for the change as proposed by the government, and only 17 MPs voted
against it.
The government justified
the proposal for a foreigner to head the country’s central bank by saying the
country needed every available expertise to change its fortunes.
Prominent citizens took to
social media to express support of the decision by the MPs. Below are a few
tweets:
Harun
Maruf @HarunMarufBREAKING: Somali parliament approves legislation allowing
foreign nationals to serve as Somali Bank governors. The parliament approved
the amendment with 158 votes, 17 rejected.
Abdisaid
M. Ali @4rukunSomalia needs to attract global talent. We welcome the service of
experts to deliver Somali priorities. Across the world, open societies do the
same (Canada, US, UK). Focus should not be on the nationality of our Central
Bank Governor but on delivering the best for the Somalis.
Somalia remains at the
mercy of the deadly terrorist organization, Al-Shabaab, whose activities have
crippled the economy of the country.
Header Image Credit: Africa
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