Central Bank of Somalia to pay pensions for first time in decades

The Central Bank of Somalia (CBS) has announced that 19 employees who have reached retirement age will receive a bank pension.

In a press release issued on Monday, the CBS said the decision was reached with the World Bank to grant the 19 retiree’s a pension package in January 2018.

The statement praises the pension package as a milestone for the CBS.

“As this was the first time Central Bank employees who reached the Bank Pension Age with retirement pension, [sic] since it re-opened for business in 2007, is clearly demonstrating how Somalia is right on the path of recovery and progress.”

In a farewell speech to the retiring employees, the Governor of the Central Bank of Somalia thanked the workers for their service and commitment.

The Central Bank of Somalia was established on June 30, 1960, by Decree No. 3 and converted into Law No. 2 of January 13, 1961.

Most recently, The CBS has announced that with support from the World Bank, it is taking steps to modernize the national banking system.