New Somali shilling arrives in Mogadishu

Mogadishu (HOL) – The Somali Transitional Federal Government brought home its new Somali shilling Friday. A private aircraft was chartered from Khartoum to Aden Adde International Airport in Mogadishu to transport the large quantity of new bills.

The shipment of notes which has been printed in Sudan is said to be 200 billion shillings, all in one thousand shilling denominations. The arrival of the new notes was escorted by military personnel from the airport to the Somali Central Bank.

As of Friday the rate of exchange for 1$ USD is 31,000 shillings. Nobody knows how much affect the new currency will have on the exchange rate once it is in circulation.

The Minister of Treasury, Abdirahman Omar Osman (Inj. Yarisow) did not make a formal comment on the effect the currency would have on the economy.

The new notes arrive at a time when the government has fallen behind on payments for MP’s, police officers and soldiers.

The government is faced with the grim task of attempting to bring the currency to insurgency strong holds, namely, Baidoa and Kismayo. To add to their mounting problems, the government of Puntland has denounced the printing of the new notes and has refused to accept it’s induction into their economy.

Source: hiiraan.com

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