After the bloodless coup d'état of 1969 that saw Mohamed Siad Barre's ascension to power, in 1971 the government nationalized the four foreign banks.

The government also established the Somali Savings and Credit Bank to take over the commercial branches of Banca Nazionale Somala and Banque de Port-Said, leaving the Banca Nazionale Somala with only central banking functions.

The Somali Savings and Credit Bank had branches in Baidoa, Beledweyne, Berbera, Bosaso, Burco, Galkacyo, Qardho, Hargeisa and Kismayo, and for a time also in Djibouti.

The Central Bank of Somalia also ceased to function at an undetermined date.

[5] The central bank provides exchange services for various currencies at the official government rate, but most people prefer the unofficial rates used by hawala agents and money changers on the streets of main cities.