By: Yusuf M Hasan
HARGEISA (Somalilandsun) – Sanaag region thence the entire country shall be rid of the Somali currency popular known as Gimbar informs the governor of the Somaliland Central bank Abdi Dirir Abdi.
The governor in an apparent response to recent outcries from residents of Sanaag the country’s easternmost region said that a team of central bank staff are currently in Erigavo town to put final touches of the plan to replace Gimbar with Somaliland shillings.
“The government is fully committed to the removal of the Gimbar from Sanaag thence relieve residents economic difficulties created by fake Gimbar notes procured from a neighboring country”
The central banker who officiated the elimination of the Gimbar as legal tender in Toghdeer region said that the government had not left Sanaag residents to the mercy of unscrupulous merchants from Puntland but been all along strategizing on modalities of ensuring a loss free and successful shift from one currency to another.
Informing that no civil servant or member of the armed forces station in Sanaag region shall ever again receive his/her monthly check in any other currency than the official one of the country Banker Abdi Dirir Said that the move was a prelude to further enforcement of the intent shift from use of Gimbar in the region.
He also explained that an ongoing partnership with the World Bank is availing the central bank sufficient expertise thus enable it spread its wings to all regions of the country the governor also revealed that senior officials led by his deputy are currently undertaking related studies in Kenya
Governor Dirir further revealed that the World Bank partnership is also establishing mechanisms and guidelines for the opening of a vibrant commercial banking sector soon to be operated by indigenous and foreign owned concerns following the enactment of relevant laws.
Now that the government has made it official the replacement of the Gimbar from its last bastion, Sanaag region, in the country it remains to be seen how long held fears of economic destabilization fronted by Puntland an administrative region of Somalia through regular flooding of fake Gimbar notes in the region shall be overcome.
On the other hand the announcement comes at the very apt moment considering the never ending hue and cry of Sanaag residents as pertains to escalating incidents of financial loss incurred as a result of traders refusing to accept either the 1000 or 500 Gimbar shillings notes in alternate and as Puntland floods the market with its faker version.