Somalia: People in Galkacyo Turn Down Somali Shillings, Use Foreign Currency Instead

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Thursday July 20, 2017 - 18:33:42 in Latest News by Super Admin
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    Somalia: People in Galkacyo Turn Down Somali Shillings, Use Foreign Currency Instead

    GALKACYO, Somalia July 20 (Horn Observer) The traders here in Galkacyo started to reject the use of the Somali Shilling note, the second major town to turn down the Somali currency in a matter of weeks.

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Somali shilling notes not use in parts of Somalia
GALKACYO, Somalia July 20 (Horn Observer) The traders here in Galkacyo started to reject the use of the Somali Shilling note, the second major town to turn down the Somali currency in a matter of weeks.

"We have the money, but we can’t buy anything.” Isse Abdi, a resident in the town said.

The Galmudug administration which controlled part of the town of Galkacyo whose traders refuse the Somali shillings said that its working in finding an amicable solution for the refusal of the money and urged the people to take in assisting the drought stricken areas of the region.

Many analyst contend that the use of Mobile Money transfers and the publication of the Somali shillings are the leading factors forcing the people to refuse the Somali shillings, making the money unreliable.

The Shabab, which is affiliated to Alqaeda have been putting pressure on the business community in Central Somalia to refuse the Somali notes, resulting several towns in Central Somalia to start the use of the Ethiopian Bir as an alternative currency.

In a separate incident, President  Abdiweli Gaas accused the  business community of Bosaso of sending money to Al Shabab through mobile money transfer in fear for their lives. This came after the traders refused to pay the taxes to the government.

- Horn Observer -


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