HARGEISA, Oct 16 (Horn Diplomat) – The International Association of Deposit Insurers (IADI) has approved the Bank of Somaliland’s application for associate membership, the global body said on Thursday.
The move will support the Central Bank in developing the first deposit insurance system in Somaliland, a step aimed at strengthening the financial stability of Somaliland.
“The International Association of Deposit Insurers (IADI) is pleased to announce that its Executive Council has approved the membership application of the Bank of Somaliland as an Associate Member,” the IADI said in a post on LinkedIn. “This membership will support the Bank of Somaliland in implementing the first deposit insurance system in its jurisdiction – an important step towards strengthening financial stability.”
Headquartered at the Bank for International Settlements (BIS) in Basel, Switzerland, IADI sets global standards for deposit insurance and financial stability. It has over 100 members, including central banks and financial supervisory authorities.
Somaliland Central Bank officials said the membership will give the institution access to training, technical expertise, and financial support as it works to establish the country’s National Deposit Protection Fund.
 has approved the Bank of Somaliland’s application for associate membership,){kind=link}
