Somaliland seeks to tackle currency crisis

Somaliland

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

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