The Somalia Investor – Issue#10
Twenty-six years after, Somalia is optimistic to start reprinting the Somali currency.
What does this mean? The country needs a functioning Central Bank, a monetary policy (determines interest rates; controls the supply of money in order to maintain price stability and general trust in the currency) in place not to mention, money to print the currency. As it is, the Somali government needs $60 million to be able to begin printing bank notes, says the governor of Somalia’s central bank, Bashir Issa Ali. Ali is optimistic though that reclaiming the Somali currency will certainly be possible, an attitude which all Somali’s should embrace. What will happen to all the fake dollars and Somali shillings that are plenty in circulation (various sources state that 98 percent of the Somali shilling in circulation are fake)? That’s another headache the governor has to deal with