Somaliland:Central bank to intervene to stem a further slide of the local currency says Governor

1
25

By Goth Mohamed Goth

The house standing committee has grilled the Governor of the Somaliland Central bank Mr. Abdi Dirir Abdi today, the central bank boss was told to brief the house standing committee on the what measures he has put in place to the raising value of the US dollar and weakens the Somaliland shilling in the past two weeks which has continued to exert pressure on some sectors of the local economy.

The vice chairman of the house standing committee on finance, Hon Ahmed Dualeh MP later emerged to brief the media on the agenda of the meeting said, “ As you’re aware of the Somaliland shilling has in the past two weeks continued to lose ground against the US dollar, despite this being the end of the month, when the demand for the local currency is always high and the concerns by money traders who expect the local currency to depreciate further, that’s why we summoned the Central Bank Boss to brief us on the on the what kind of the  interventions the bank has place to stem a further slide of the local currency .

The Central Bank Boss briefing the house committee said, “We have in place the legal and regulatory framework capable of ensuring the efficient and equitable operation and which are all fundamental to the management of the economy.

Nevertheless we have also deployed mobile money trucks in a bid to steady the exchange rate  , the Somaliland shilling has continued to trade at between 6,600/- and 7000/- a US dollar since January, this year, a steady range that has helped to stabilize prices of imported goods and services in the local economy. 

SomalilandPress.com

.

money changer

1 COMMENT

  1. What Central Bank? Each Somali warlord prints own money. No one in the international community recognizes such currency and it does not have any face value. How is fictional Governor whose office is his briefcase can stop the slide of a worthless currency? Let us face the truth and call a spade a spade.; Dahabshiil is the sole central bank of all Somalia.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

* Copy This Password *

* Type Or Paste Password Here *