Central Bank of Somalia Orders to shut down the Forex accounts

December 24, 2019 (AO) – Somalia’s Central Bank has ordered the immediate closure of Forex Trading companies accounts in all commercial banks in nationwide.

The Central Bank issued a directive on the 28th of October after a meeting of the board of directors. The Bank has instructed the shut down accounts belonging to Forex traders with immediate effect.

The Commercial Banks are directed to submit the names of the account holders and the amount of money deposited within.

The closure now is a huge blow to Forex Trading boom in the country.

Scores of accounts belonging to Forex were opened in commercial banks in the capital in the last couple of months luring Somalis to Forex business.

The Forex Trading in Somalia was dealing with brokerage where you pay certain amount of money to Forex companies and receive percentage on monthly basis