The Central Bank Of Somalia (CBS) is planning to counter inflation and counterfeit currency dealers by introducing new shilling notes. According to the deputy Governor of Somalia’s Central bank Ali Yasin Wardheere, the country is expecting to have all high-value notes replaced by 2024.
Preserve The Value of New Cash
The Central Bank of Somalia is planning to replace all the existing high-value notes that were issued since 1991 by newly designed notes. According to the central bank, this effort will help combat inflation and counterfeit currency dealers. In an interview with Bloomberg, the CBS deputy governor Ali Yasin Wardheere revealed that the central bank started this process in 2018 and has received a positive response from the International Monetary Fund and the World Bank.
In addition to this, the central bank has established a unit responsible for maintaining the value of the new currency and combating the counterfeit money market. To further the central bank’s mission, Wardheere also noted that new branches will be opened in the capitals of the federal member countries by June.
Since the overthrow of Siad Baare in 1991, Somalia has not issued new notes, resulting in a rise in the use of US dollars and private printed currencies. This is the first time in decades that the country is introducing new banknotes.
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