Somalia Warns of Disaster If Barclays Stops Money Transfers - International Business (Article Sample)

[Name]
[Instructor]
[Course]
[Date]
Somalia Warns of Disaster If Barclays Stops Money Transfers
In this article, the author discusses the awaiting disaster in Somalia if Barclays Bank stops money transfers. The country`s government has warned of the pending disaster if Barclays withdraws banking services from the country`s largest money transfer market. Approximately half of the Somalia population and the republic of Somaliland rely on money send by relatives and friends living overseas, most of which is used to pay for healthcare services and food. Due to the continued civil war in the country, the banking sector has been adversely affected and remittances sent to the country are worth about $1bn-$2bn annually. This amount even exceeds the official international aid.
Currently Barclays is the only major bank providing services to various companies in Somalia. If it stops providing accounts to some of the companies, the flow of funds is expected to fall dramatica...