Somalia’s Federal Government is planning to reprint the Somali Shilling for the first time in 36 years, Finance Minister Bihi Iman Egeh has announced.
The minister said the government was working to restore public confidence in the national currency and revive its use across the country.
“After 36 years, we are reprinting the Somali Shilling, and we are working hard to restore confidence in the currency,” Finance Minister Bihi Iman Egeh said.
The announcement comes amid the widespread decline in the use of the Somali Shilling, with foreign currencies, particularly the US dollar, dominating commercial transactions and business services across the country.
The planned reprinting is said to be part of broader government efforts to restore the national currency’s credibility and strengthen Somalia’s financial system.
The development also comes as the Ministry of Finance presented proposed amendments to the Central Bank Law before the Upper House of the Federal Parliament on Sunday.
Mustaqbal
The Hirshabelle State Minister of Transport and Civil Aviation, Farah Mohamed Osman, has issued a…
Sudanese military officials have accused Somalia’s Puntland Administration of supporting the Rapid Support Forces (RSF)…
The Federal Government of Somalia has unveiled a new design for the country’s passport following…
Security has been tightened in Dhusamareb, the capital of Somalia’s Galmudug State, with armed personnel…
Speaker of Somalia’s House of the People, Abdulkadir Mohamed Nur, has congratulated Saad bin Sulaib…
The Somali government has held a technical meeting in Mogadishu to "discuss measures to strengthen…