The Minister of finance of the federal government of Somalia Hussein Abdi Halane revealed that his government was in the process of printing a new currency to prevent the Somali shilling from extinction.
Mr Halane said they thought either of two options; to reprint the previous Somali shilling or to issue a new currency.
The only note currently available in Somalia is the ‘One thousand note’ with no changes, because the smaller notes such as 500 Shillings, the 50 Shillings, and the 20 Shillings were not in use in Somalia for the past 15 years, while the 10 Shillings, and 5 Shillings notes and as well as the coins extirpated just nearly 24 years ago.
“It will take a long process to replace the currency, but we decided to reprint the former notes until we will have taken the last decision on whether or not to replace the Somali Shilling” the minister said.
He said his ministry already completed the plan and will take it to the cabinet for endorsement, before taking it to the parliament for the last go ahead approval.
In recent years, the use of USD was on the increase in Somalia where a cup of coffee costs one dollar.The mobile money transfer system replaced the use of Somali Shilling, as about 90% of the people are having their money in mobile phones to use for shopping, for eating at restaurants or even for public transport.
Via Hiraan Online