List of Banks in Somalia, Private Banking Services Africa

Somalia has a free market economy. Somalia has meager natural resources (or untapped resources such as Oil) and recent economic reverses has left its people increasingly dependent on remittances from abroad. Its economy is pastoral and agricultural, with livestock — principally camels, cattle, sheep, and goats — representing the main form of wealth. Livestock exports in recent years have been severely reduced by periodic bans, ostensibly for concerns of animal health, by Arabian Peninsula states. Drought has also impaired agricultural and livestock production. Because rainfall is scanty and irregular, farming generally is limited to certain coastal districts, areas near Hargeisa, and the Jubba and Shebelle River valleys. The modern sector of the agricultural economy consists mainly of banana plantations located in the south, which have used modern irrigation systems and up-to-date farm machinery.