Central Bank of Somalia Plans to Print New Notes, to Prevent Fake Somali Shillings Damaging the Economy

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Friday July 28, 2017 - 19:36:41 in Latest News by Super Admin
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    Central Bank of Somalia Plans to Print New Notes, to Prevent Fake Somali Shillings Damaging the Economy

    MOGADISHU, (Horn Observer) The head Central Bank of Somalia, Bashir Isse Ali said that the bank is conducting plans to print new Somali notes to prevent the fake money floating in the markets of the country.

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Central Bank of Somalia (file photo)
MOGADISHU, (Horn Observer) The head Central Bank of Somalia, Bashir Isse Ali said that the bank is conducting plans to print new Somali notes to prevent the fake money floating in the markets of the country.

Speaking to the local media, Mr. Ali said his office is committed to stop the false money which had damaged the economy adding that the task is also being carried out in bank branches in Kismaayo and Baidoa to meet the needs.

"The contents of the new money note will include in 1,000s 10,000s 20,000s and we are also thinking over 50,000s to be added in the near future.” Mr. Ali said.

The traders in several towns of Somalia including Beletwein and Galkacyo recently refused the use of the Somali shillings which the traders said were fake money, whereas Shabaab imposed a ban on the use of the Somali shillings in the town of Beletwein of Hiiraan region.


He warned a tough measures against those who are involving in printing the fake money in the country. "This is a big crime against the nation.” The circulation of the fake money in the markets of somalia has soared inflation to the commodities which became in costly in-affordable by the ordinary people

Many analysts warn that the printing Somali currency like 10, 000 or more  in single paper which create inflation, in a country that has already been hit by severe droughts.

 Mohamed Abdi contributed reporting from Netherlands

- Horn Observer -





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