Somalia - Feb 19

Merchants Bank of California has closed its accounts with all Somali-American transfer companies on February 6, thus cutting off 60-80% of money sent to Somalia from those in the United States. Due to decades of war, Somalia has no formal banking system and its residents depend heavily on foreign transactions from family members abroad--around $1.3 billion each year. Families and businesses have begun to run short of funds and to panic. Source: All Africa