Somalia: Financial openness
* indicates monthly or quarterly data series
| Somalia |
Financial openness index |
|---|---|
| Latest value | -1.931 |
| Year | 2007 |
| Measure | index points |
| Data availability | 1970 - 2007 |
| Average | -1.680 |
| Min - Max | -1.931 - -1.242 |
| Source | Chinn-Ito Index |
The latest value from 2007 is -1.931 index points, unchanged from -1.931 index points in 2006. In comparison, the world average is 0.369 index points, based on data from 175 countries. Historically, the average for Somalia from 1970 to 2007 is -1.68 index points. The minimum value, -1.931 index points, was reached in 1981 while the maximum of -1.242 index points was recorded in 1970.
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Definition: The Chinn-Ito index measures a country's degree of capital account openness and was introduced in Chinn and Ito (Journal of Development Economics, 2006). It is based on variables that codify the restrictions on cross-border financial transactions in the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions. Higher values mean greater financial openness.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
All articles
| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 121.58 | 2021 | percent |
| Trade openness | 92.69 | 2023 | percent |
| Financial openness | -1.931 | 2007 | index points |
| Exports, percent of GDP | 19.73 | 2023 | percent |
| Exports, billion dollars | 2.16 | 2023 | billion U.S. dollars |
| Growth of exports | 5.95 | 2023 | percent |
| Imports, percent of GDP | 76.69 | 2023 | percent |
| Imports, billion dollars | 8.00 | 2023 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 5.79 | 2023 | percent |
| Foreign Direct Investment, billion dollars | -0.04 | 1989 | billion U.S. dollars |
| Portfolio investment inflows, equities | 0.00 | 1989 | million dollars (current) |
| Current account, percent of GDP | -12.40 | 2023 | percent |
| Trade balance, percent of GDP | -58.79 | 2023 | percent |
| Reserves | 0.02 | 1989 | billion U.S. dollars |
| Remittances, percent of GDP | 14.85 | 2023 | percent |
| Remittances | 1,735.00 | 2023 | million U.S. dollars |
| External debt | 40.14 | 2022 | percent |
| Short-term external debt | 21.54 | 2023 | percent |
| Short-term debt to reserves | 842.53 | 1989 | percent |