The Budget Committee Begins Review of the Draft Law Amending the Central Bank Law

Mogadishu, September 22, 2026 – The Budget, Finance, Planning, International Cooperation, and Accountability Committee of the House of the People of the Federal Parliament of Somalia held a consultative meeting with the Minister of Finance of the Federal Government, Mr. Biixi Iimaan Cige, and the Governor of the Central Bank of Somalia.

The meeting, which took place at the headquarters of the Speaker and Committees at Villa Hargeysa, was chaired by the Chairman of the Committee, MP Cabdi Ibraahim Warsame (Qawdhan).

The meeting focused on the draft law amending the Central Bank Law of Somalia No. 130, with the Committee consulting the Minister of Finance and the Governor of the Central Bank on the amendments made and the reasons for the changes to the law.

Additionally, new provisions introduced in the draft law and their potential impact on monetary policy, the banking system, and the overall economy of the country were discussed.

The Minister of Finance and the Governor of the Central Bank provided the Committee with details on the objectives of the draft law, the need for amendments to the law, and the plan for implementing the new provisions.

Committee members also asked the officials questions related to the draft law, with both sides exchanging views on provisions that require further review and additional details.

The Committee stated that it would continue consultations, reviews, and analysis of the draft law to ensure that the proposed amendments are comprehensive and in accordance with the Constitution of the Federal Republic of Somalia and the laws of the country.

Once the review of the draft law is completed, it will be submitted for the Second Reading in the House of the People, where MPs will express their recommendations, views, and additions regarding the law.

This meeting is part of the consultations the House of the People is conducting on the draft law amending the Central Bank Law.