Report: Somalia to fight inflation and counterfeiting with new banknotes
The Central Bank of Somalia (CBS) has drawn up a plan to replace its old and high-denomination shilling bills that have been in circulation since 1991 with redesigned banknotes. The report added that the central bank hopes the process, which is expected to be completed by 2024, will help the war-torn country fight inflation as well as reduce counterfeit dollars. During his remarks giving an interview with Bloomberg, the deputy governor of the Central Bank of Somalia, Ali Yasin Wardheere, reveals that the central bank started replacing high-denomination bills with newly designed notes in 2018. Both the International Monetary Fund and the World Bank have assisted in this and the process is going on slowly. According to the Deputy Governor, the central bank has also proved itself to be a unit with the mandate to counter and counter the fake currency market and the unit has also been entrusted with the task of preserving the value of the currency so that the central bank is planning to print. To help the bank achieve some of its objectives, he said that the Central Bank of Somalia will set up its new branches in the capitals of the federal member states and that the branches are expected to be in place by June and that the Central Bank of Somalia will pay all taxes. It will be easy to collect and deposit money.
Somalia has not issued the latest shilling banknotes since the ouster of mohamed Siad Barre in 1991, while the older ones are even more out of date and not made widely available, and of course as a result of the US dollar and privately printed The use of money has increased, due to which there is definitely a possibility of loss of a lot of money and with this comes the problem of taxation. That’s why in order to reduce its inflation and to increase the value of the currency and at the same time to get the latest recommendations with different means and different techniques and at the same time Somalia to give their country a higher progress The country is recommending new bank notes so that both development and the economy can run on the progress made.
