By Yusuf M. Hassan
Las-Anod (Somalilandsun) – Consumers in the Sool regional capital Las-Anod are struggling to survive courtesy of Exorbitant prices imposed by merchants.
This difficulty has been brought about by the high foreign currency exchange rates occasioned by a huge influx of Somali shilling, being witnessed in the eastern Somaliland town.
According to Councillor Abdiaziz Hussein Tarwale prices of basic commodities have skyrocketed following the dumping of fake Somalia shilling, in Las-Anod by Puntland a Somali regional administration to the east of Somaliland.
In an interview with journalist Feisal Karshe of Dawan Newspaper councillor Tarwale informed that the fake Somalia shillings have forced the exchange rate of $100 to 2600,000 thence the commodities price increases by the traders
“Before the fake shilling were dumped in the town $100 exchange rate to local shilling stood at 2million” said Cllr. Tarwale.
According to Somalilandsun sources the fake Somali shilling, are being minted at the Puntland central bank in Bosaso.
“The Puntland administration in Garowe has installed a made in China money printing machine operated by highly paid Indians contracted by authorities in Garowe”, Mr. Abdiwahab Sabriye a trader in Bosaso told Somalilandsun.
The trader further revealed that the main and only objective of the printer is to enable Puntland authorities undermine Somaliland authority in the Eastern Somaliland regions of Sanaag and Sool which the Somalia administrative region claims sovereignty over.
While this is the first time for Puntland to be reported trying to jeopardize the economy of Somaliland it is not the first pertaining to the administration in Garowe minting fake currencies.