Somaliland seeks to tackle currency crisis

Image

HARGEYSA- Somaliland government in northwestern Somalia is seeking to amass Central Bank with more power as shilling hits record low, Garowe Online reports.

President Ahmed Mohamed Mohamud (Siilaanyo) has held emergency meeting with his cabinet and parastatals heads to adopt accelerated monetary policy including tight banknotes and authority overhaul.

State Minister for Presidency Mohamud Hashi told reporters after extraordinary cabinet meeting at the presidential complex in the capital, Hargeisa that the government will take immediate steps in public financial management system.

Among the new plans is increased circulation of domestic currency as public outcry is ensuing over extreme devaluation of Somaliland shilling, a currency minted locally.

The currency crisis has left hundreds of vulnerable households more destitute.

Somaliland, located in northwestern Somalia declared its independence from the rest of the county as de facto sovereign state in 1991 but it has not been recognized internationally yet. 

GAROWE ONLINE

Related Articles

We have exceeded expectations in implementation of deal with Ethiopia, says Somaliland

Ethiopia is set to get 20 kilometers of the Red Sea for the establishment of a military base and port inside Somalia.

  • Somaliland

    06-03-2024

  • 01:51PM

Somalia: Muse Bihi set to visit Ethiopia for talks with PM Abiy Ahmed

The agreement’s implementation faces challenges after international pressure on Ethiopia and demands for Somaliland’s recognition.

  • Somaliland

    13-02-2024

  • 08:23AM