Somaliland: Central Bank Unable To Control Inflation


Central Bank of Somaliland

By: Gulaid Abdi Mahir

HARGEISA.:(Somalilandsun) – For the first time in the history of Somaliland the central bank has failed to reign in unscrupulous money changers and businessmen who have taken over the bank’s responsibilities.

This came to light after the exchange rate of the Somaliland shilling against the U.S . dollar reached a level never unprecedented before,it was trading 7500 shilling for one dollar.These black market bureau de change operate in the heart of the city of Hargeisa central business district and work in cahoots with some tycoons to manipulate the currency whenever they dim fit as per their interest. Outside a building next to oriental hotel the money touts operate with impunity and as a result launder billions of Somaliland shillings in the black market and act as a shadow central bank.On the other hand the central bank of Somaliland chairman Mr.Abdi Dirir and the director general held meeting with the same crooks thus rubber stamping illegal activities as legal. The Central Bank has failed to come up with a clear fiscal and monetary policy the exchange rate of Somaliland Shillings against the Dollarhence leaving members of the public at the mercy of brokers who are making a kill out of the situation