The Central Bank of Somaliland has hailed the introduction of draft legislation H.R. 7993 in the United States Congress as a landmark development that could significantly advance the country’s financial system and its integration into the international financial architecture.
In a formal statement, Acting Governor of the Central Bank, Hamse Abdirahman Khaire, described the bill—sponsored by Congressman John W. Rose—as a “historic step” capable of officially spotlighting the structural challenges facing Somaliland’s financial sector while laying the groundwork for durable, long-term solutions.
Governor Khaire emphasized that the move transcends ordinary politics and constitutes a deeper form of recognition:
Acknowledgment of Somaliland’s established presence and growing stature on the global stage
Affirmation of the strategic importance and credibility of its financial system
Confirmation that Somaliland’s rightful place within the global financial architecture is long overdue
The statement stressed, however, that international recognition alone will not achieve Somaliland’s broader ambitions. The Central Bank outlined immediate priorities under its leadership, including:
Assuming a prominent role in preparing and shaping the Ministry of Finance’s forthcoming report on the national financial system, ensuring it rests on robust, evidence-based data
Reinforcing the foundational pillars and institutional framework of Somaliland’s financial infrastructure
Engaging proactively with the international community in a manner that projects confidence, competence, and a clear long-term national vision
“Somaliland is not merely waiting to be admitted into the global financial system,” Governor Khayre declared. “Instead, we are actively and strategically preparing to take our place within it, ready to seize the opportunities this draft legislation is beginning to open.”
The Central Bank expressed deep gratitude to Congressman John W. Rose for championing the initiative, praising his forward-thinking vision and thorough understanding of the issues involved. It also commended the persistent diplomatic efforts of Somaliland’s Ministry of Foreign Affairs and its embassy in the United States, whose work has been instrumental in reaching this milestone.
The statement closed with warm Eid greetings, wishing the people of Somaliland continued enlightenment and progress in the year ahead.
