Bank accounts held by Forex trading companies in all commercial banks countrywide should be closed, Somali Central Bank ordered.
In a letter addressed to the commercial banks on 23rd December, CBS said meeting by its board of Directors had agreed that banks to close the accounts with immediate effect.
“All commercial banks should, with immediate effect surcease bank accounts owned by forex trading companies and submit their names and all monies held in the accounts,” the letter reads in part.
The development comes barely two months after Somali forces shut down three offices belonging to a company called Camel Online Forex in Mogadishu thought the offices latter resumed their operations.
Forex is one of the largest trading markets, with a global daily turnover estimated to exceed trillion of US dollars.
Different Forex platforms operating as centres for foreign money exchange are downloadable on Google Play and Apple App Store, and aggressively market themselves through social media, promising huge and instant returns.
