Federal Government of Somalia Prime Minister Hamza Abdi Barre has announced plans to reintroduce the Somali Shilling as a way to tackle the country’s inflation.
The move comes after years of relying on foreign currencies, primarily the US dollar, which has posed significant challenges to the country’s economic stability.
During a meeting with the Somali Shilling reprinting committee, Prime Minister Barre explained the government’s financial plans and discussed the process of taking the central bank’s branches to the Federal Member States.
The committee also briefed the Prime Minister on the challenges they are facing in introducing the new Shilling and ways to move forward with the plan.
One of the key issues discussed in the meeting was the Somali Shilling, which was printed in Sudan.
The committee and the Prime Minister also discussed plans to reprint the Somali Shilling and the starting of branches of the central bank in the Member States.
The reintroduction of the Somali Shilling is expected to address the significant inflationary pressures that have plagued the country’s economy for years.
The government hopes that by printing its own currency, it will be able to better manage the money supply, control inflation, and reduce the country’s reliance on foreign currencies.
The move has been welcomed by economists and business leaders, who have long called for the reintroduction of the Somali Shilling.
Many believe that the move will boost the country’s economic growth, create new job opportunities, and improve the livelihoods of citizens.
However, there are also concerns about the challenges that lie ahead. The reintroduction of the Somali Shilling will require significant investment in infrastructure, including the establishment of central bank branches in all Member States. There are also concerns about the security risks associated with transporting large amounts of cash across the country.
Despite these challenges, the government is committed to reintroducing the Somali Shilling and is working closely with the committee to develop a roadmap for the process. The move is seen as a significant step towards restoring the country’s economic stability and promoting sustainable growth.
The reintroduction of the Somali Shilling is a welcome move that is expected to address the significant inflationary pressures that have plagued the country’s economy for years.