Somalia fights inflation and counterfeiters with new banknotes - Africa
Somalia fights inflation and counterfeiters with new banknotes - Africa
According to the deputy governor of the Somali central bank, Ali Yasin Wardheere, the institution wants to act against inflation and counterfeiters with newly issued shillings. According to reports, the bank hopes to complete the process of replacing old and high-quality shillings through redesigned banknotes in 2024.
preservation of the new money
The Central Bank of Somalia (CBS) plans to replace old, high-quality shillings that have been in circulation since 1991 with redesigned banknotes. The central bank hopes that this process, which will probably be completed by 2024, will help the country who was looking for by the war to combat inflation and to undercut the dealers of counterfeit money, a said.
In his remarks during an interview with Bloomberg, Ali Yasin Wardheere, the deputy governor of the CBS, unveiled the central bank in 2018 by replacing high -quality notes with redesigned banknotes. The International Monetary Fund and the World Bank both helped, said Wardheere supposedly.According to the deputy governor, the central bank has also set up a unit with the order "Combating the counterfeit market". The unit also has the task of getting the value of the new currency that is planning to print the central bank.
to help the central bank to achieve some of the goals, Wardheere said that the CBS would build new branches in the capitals of the federal member states. These branches, which the central bank hopes to set up by June, will help the CBS to collect taxes and store money.
Since the fall of Siad Baare in 1991, Somalia has not spent any new shillings banknotes, while the old ones are now worn out and are no longer generally available. As a result, the use of US dollars and privately printed currency has increased.
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