Ogeysiis Muhiim ah: Shaqo ka banaan Bankiga Dhexe ee Somalia (CB Board of Directors)
Call for expression of interest for the membership of the Board of Directors of the Central Bank of Somalia
The Federal Government of Somali is recruiting the Board of Directors including Governor and Deputy Governor of the Central Bank of Somalia. If you are interested in this post, please submit your CV and cover letter to email@example.com copying firstname.lastname@example.org by March 19th, 2014 which is the closing date for applications.
Terms of Reference (ToR)
Central Bank of Somalia Board of Directors
After two decades of total absence, the Ministry of Finance of the Federal Government of Somalia is proposing the appointment of the first board of directors of the Central Bank of Somalia, with balanced representation of diverse stakeholders in order for the Bank to fully restore and exercise its constitutional mandates.
In accordance the Central Bank Act Law No 130, April 22, 2011 (Articles 10,11, 12, 13 and 15), the governing body of the Central Bank should be the Board of Directors consisting of seven persons, five of whom being a non-executive Board members. In addition to the none-executive Board members, there are two ex officio members (the governor and deputy governor of the Central Bank of Somalia). The nomination of the non-executive Board members is to be collated by the Minister of Finance of the Federal Government of Somalia and presented to cabinet and Presidency for consideration to serve as nonexecutive directors on the board of the Central Bank of Somalia.
The non-executive board consisting of members of knowledgeable or have experienced in economics, business, finance, banking and corporate law or other disciplines relevant to the functions of the bank will be appointed by the President of the Federal Government of Somalia on the recommendation of the Council of Ministers for a term of four years each with eligibility for a reappointment.
The composition of the new Board of Directors of the Central Bank of Somalia is as follows:
• Governor (chair of the Board and Chief Executive of the Central Bank) • Deputy Governor • Five None-Executive Directors
Powers and functions of the Board of Directors:
Among others statuary duties ensuring that the functions of the Bank are properly discharged within the framework of the CBS Act Law No 130), the Bank will have the following legal powers
• Adopting internal rules and regulations issued by the Bank • Deciding upon the applications of the foreign exchange regimes • Adopting majority recommendations, under Articles 12.6 and 14.2
• Approving and revoking licenses for commercial banking and financial institutions
• Supervising the implementation of the policies and the execution of functions of financial institutions
• Proposing increase in capital
• Approving the annual budget of the Bank
• Approving the annual report of the Bank activities.
• Attending the Board of Directors meetings.
• Enhanced capacity of the Central Bank of Somalia
• Improved compliance, efficiency and effectiveness of internal control system, supervision, policy decisions and date to day operations of the Central Bank of Somalia
• Ensured that the Central Bank of Somalia conducts its duties with integrity and in accordance with high ethical standard through supervision
•Be a citizen of Somalia at the time of his/her assumption of office
• Holds a university degree or has a renowned knowledge/ experience in Monetary, Banking, Financial, accounting, legal, economic matters or other disciplines relevant to the functions of the Bank
• Not a Members of the parliament, Public Servants (excluding the representative from the Ministry of Finance)
• Has minimum of 12 years of experience with positions of Authority in government, private institution of international organization.
• Possess high level of integrity and discipline
For application, please send your CV and your cover letter to email@example.com copying firstname.lastname@example.org. The closing date for this opening is 19th March 2014.