Somalia to Launch Stock Exchange
Somalia is planning to launch its own stock exchange, after reaching an agreement with the Nairobi exchange in neighbouring Kenya.
The new exchange is scheduled to open in the first quarter of 2013 and will be housed in Nairobi. The Kenyan bourse will also be responsible for technical development going forward.
Somalia has effectively functioned without a central government since 1991, with internecine conflict proving to be a lasting form of instability in the African nation. Provisional government authorities, mainly centered in the capital, Mogadishu, have said that they hope the launch of an exchange will stimulate business growth. Agence France-Presse first reported on the story yesterday.
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