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Published On: Tue, Dec 16th, 2014

Somaliland:Central bank intervenes to curtail a further slide of the SL Shilling

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By Goth Mohamed Goth

Somaliland Central Bank has begun taking measures meant to stabilize the raising value of the US dollar which has resulted to the weakens the Somaliland shilling in the past two weeks hence exerting pressure on some sectors of the local economy.

Mr. Abdi Dirir Abdi, the Central bank governor speaking to the media about the new measures taken by the monetary institution had this to say “As you’re aware of the Somaliland shilling has in the past two weeks continued to lose ground against the US dollar this has resulted to the current spike in the price of basic commodities.

The Central Bank Boss added 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”, Mr. Abdi said.

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