Somalia has reaffirmed its commitment to regional monetary integration during the 29th Ordinary Meeting of the East African Community (EAC) Monetary Affairs Committee held in Kampala.
Central Bank of Somalia Governor Abdirahman Mohamed Abdullahi attended the meeting, which took place from July 20 to 24, as Somalia continued its engagement with the EAC’s regional monetary structures.
The Central Bank said the Governor reaffirmed Somalia’s commitment to pursuing regional monetary integration in due course, alongside efforts to strengthen macroeconomic management and align the country’s financial systems with EAC standards.
The discussions covered areas including financial supervision, payment systems and statistical frameworks, all of which are considered important components of deeper regional economic integration.
The engagement also comes as Somalia advances work on its domestic Somalia Instant Payment System (SIPS). The Central Bank has said it plans to connect the national payment infrastructure to the Pan-African Payment and Settlement System (PAPSS) before the end of the year.
The Central Bank said Somalia’s participation in the EAC monetary discussions reflects its broader efforts to strengthen financial governance, modernise payment systems and improve economic integration with regional partners.
Mustaqbal
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