Somalia: Hundreds in Puntland protest against currency devaluation
GAROWE, Somalia- Hundreds of demonstrators rallied against rising inflation and deteriorating value of Somali Shilling in front of Puntland parliament in the State capital of Garowe on Monday, Garowe Online reports.
Protesters were shouting: “Tackle commodity price hikes from currency devaluation,” before being dispersed by police.
In September 2015, Puntland government began printing new paper notes at a cash factory in Bossaso port city in a bid to pay to disgruntled civil servants and security forces.
Government officials Monday downplayed the existence of inflationary push in the weak economy recovering from years of civil unrest.
Participants at protest demonstration complained that prices of commodities have escalated as local currency continues to depreciate sharply against US dollars.
Somalia Central Bank, the country’s highest monetary authority, which analysts say appears to be unable to regulate the flow of money in circulation, at the time criticized Puntland for contributing further to economic instability.
Traffic has remained jammed for hours in front of Puntland parliament building where extraordinary parliamentary session is underway.
Hundreds are believed to have been hit hard by inflation in a country grappling with intense hyperinflation.
Puntland Members of Parliament agreed to form a committee that would look into the complaints of the public.