Somalia: President Farmajo freezes government’s bank accounts ahead of the inauguration
MOGADISHU, Somalia- The President has temporarily suspended withdrawals from accounts of government departments until the incoming cabinet is formed, Garowe Online reports.
According to Sources, the newly elected President of Somalia Mohamed Abdullahi Farmajo has issued an ordered to suspend withdrawal from the accounts in central bank and private banks in Mogadishu.
The suspension of central bank withdrawals came following a meeting between President Farmajo and central bank governor Bashir Isse Ali on Saturday night.
"All government accounts at the central bank and private money transfer companies were temporarily frozen after an executive order from the new President," said an official who asked not to be named.
This comes as the new President is set to be inaugurated next week in Mogadishu and take over the office from his predecessor Hassan Sheikh Mohamud, who has been in power since 2012.
The move is reportedly aimed to prevent embezzlement and assets misappropriation during power transfer period. In the past four years, a colossal amount of money was reported to have been stolen from the central bank of Somalia.