Somalia’s Finance Minister Bihi Iman Egeh says the federal government has completed much of the groundwork required to reintroduce the Somali shilling, with preparations now focused on ensuring the currency is launched in a way that protects financial stability and public confidence.
Speaking at the fourth economic forum organised by the Central Bank of Somalia, Egeh said the government has a “comprehensive plan for reissuing the national currency, with legal, policy and financial preparations already in place” .
The minister stressed that introducing a new currency involves more than simply printing banknotes, saying extensive groundwork is necessary to protect the economy from inflation and safeguard the stability of the financial system.
The Central Bank of Somalia is leading the process, according to the minister, who said the government would announce the timing of the currency’s reintroduction in the near future.
Egeh also clarified that the current initiative is based on a new plan and is not connected to previously issued currency notes or earlier attempts to reintroduce the Somali shilling.
The planned currency reform is expected to form part of Somalia’s broader efforts to strengthen its monetary system, improve financial governance and restore confidence in the country’s national currency.
Mustaqbal
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