Somaliland: Forex Rates Drop by Almost 30%


As president Silanyo mobilizes entire administration for a fight against inflation

L -R President Silanyo flanked by ministers at the presidentcy and finance chair the high level administration anti inflation meeting in Hargeisa Somaliland

By: Yusuf M Hasan

Somalilandsun – Every country in the world has various identifies distinct to it like flags, official seal and money among others

This was stated by President Ahmed Mahmud Silanyo during a meeting he chaired at the Somaliland presidency with participants pooled from entire administrations senior officials that included ministers their Director Generals as well as all managers of parastatal bodies and service commanders.

In the unprecedented meeting bring together all the officials in one room and for the one objective of tackling the inflation in the country that has of late engulfed the country, the meeting was given a full briefing by the national anti-inflation committee chaired by Vice president Abdirahman Sayli.

Upon completion of briefing by the committee that included recommendations on harnessing the inflatory trends ever rising in the country a President Silanyo bend on ultimate conclusion to the rise stated that it was a shame that the local shilling has lost credibility among the citizenry thence re4vealed that the entire administration should as a must cooperate in reverting issues.

senior Somaliland public administratora at the meeting “It is unforgivable that our local currency has lost credibility among citizens who prefer foreign currencies to the detriment of our economy” president Silanyo said as he ordered that the measures recommended by the national Anti-inflation committee be implemented by the entire administration and as a matter of national urgency.

Thus in tandem citizens were surprised in the afternoon of Thursday the day of the meeting, when the exchange rate of $1 dollar drop from 8,000sl shs to 6,200 discernible an almost 30% in a very short time thus starting to give the ordinary somalilander who earns in local currency purchasing powers that have of late be very constraining.

As of Saturday the rate that is fluctuating between 6,000 to 6,200 to a dollar is expected to drop further with citizens enjoying their new purchasing power that is expected to rise higher as the Forex rates drop further.

While things look brighter for now it is worth mentioning that the achievements garnered slowly within harnessing the rate of Forex exchange is a tribute to the efforts by finance minister Zamzam Abdi Aden who since assuming the portfolio almost a year ago has been on a relentless campaign on the same as well as in ensuring that taxes are not only collected regularly but utilized properly.

Somaliland service coomanders follow anti inflation meeting proceedingsThough it is yet to be ascertained Somalilandsun sources indicate that the forex rate about-turn has been attained following the cessation of foreign currency supply to local money changers by the central bank which is their main supplier.

But absent from the beautifully effected order to reduce inflation is the guidelines agreed upon between ministry of finance, central bank and money service companies that 30% of remittances be paid in local currency which is yet o be seen.

Somalilad ministers attend the president Silanyo chaired anti inflation meeting

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