Sunday, July 13, 2014





UK bank poised to pull plug on Somali remittances


October 15. 2013 8:36AM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) A British bank is severing a financial lifeline for millions of Somalis.


Barclays is poised to sever its ties to Dahabshiil, one of the Somali expatriate community's biggest money-transfer services, as part of a wide-ranging reorganization of its business.


Experts say the move will jeopardize some 100 million pounds ($160 million) in payments made from the U.K. each year.


Barclays plans to go ahead with the move unless a last-minute court challenge by Dahabshiil succeeds on Tuesday.


In a poverty-stricken country which relies heavily on remittances, Barclays' move has prompted significant anxiety.


Somali President Hassan Sheikh Mohamud said Monday that his government was watching what was happening in London "with great concern."


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds