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    Is it true that Somalia has no banks?

    Question #73719. Asked by armindasantana. (Dec 25 06 11:51 AM)


    zbeckabee

    		Somalia has three major banks, the Central Bank of Somalia, the Commercial and Savings Bank of Somalia, and the Somali Development Bank, but much of the national banking system collapsed as a result of the civil war. The Universal Bank of Somalia (Ubsom) declared its intent to open operations in 2002 as the first commercial bank in Somalia since 1991, over the objections of the governor of the Central Bank.

    http://www.pogar.org/countries/finances.asp?cid=17

    Dec 25 06, 2:21 PM
    armindasantana

    		Good answer

    Dec 27 06, 3:56 PM

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