Central Bank of Somaliland considers switch to Plastic Banknotes

[SirLancelLord]

HARGEISA–Somaliland authority says that plans are underway to switch sh500 into plastic bank notes.

The Central Bank also has ruled out the possibility that it printed sh10,000 notes. This comes days after the central bank governor, Ali Ibrahim Jama Baqdadi reacted to concerns of the house of elders on the introduction of higher shilling denomination. The Bank of Somaliland is not contemplating and has no immediate plans to introduce a sh10,000 note. Indeed, the Governor, made it clear to the MPs that the Bank had no intention of changing its currency at the moment,” reads the press release from the Central Bank. The Central Bank pointed out that the bank reserves the right to print banknotes anytime if need arises. The governor reveals that the bank considers the plan in the pipeline which is aimed at switching shillings into plastic ones in the years to come. This would be in accordance with the by laws of the bank which is aimed at preventing the inflation to hike as far as the country ‘s economy is low ebb.

 

[SomalilandForever]

Plastic notes are known to last longer than paper ones. Somalilanders use a lot notes for transactions, this will help with durability

Wise choice by the official bank

 

[Crow]

We use plastic notes in Canada and they are a million times better. It's easier to implement security preventing counterfeits and they are more durable to general use and water. American paper notes feel like they are from the 1800s. Absolute garbage.

I didn't think plastic notes would be possible in Somalia since I figured they would cost too much.

Even though plastic notes are better in every way, I question the value of any investments into them since most people are using mobile money now. Mobile money is the final frontier and we are decades ahead of the west in this area. I don't understand why governments from Mogadishu to Hargeisa are dragging out cash use when it is more costly than mobile money due to minting/production costs.

@Deactivated What are your thoughts?

 

[Deactivated]

We use plastic notes in Canada and they are a million times better. It's easier to implement security preventing counterfeits and they are more durable to general use and water. American paper notes feel like they are from the 1800s. Absolute garbage.

I didn't think plastic notes would be possible in Somalia since I figured they would cost too much.

Even though plastic notes are better in every way, I question the value of any investments into them since most people are using mobile money now. Mobile money is the final frontier and we are decades ahead of the west in this area. I don't understand why governments from Mogadishu to Hargeisa are dragging out cash use when it is more costly than mobile money due to minting/production costs.

@Deactivated What are your thoughts?

They are updating the currency thinking it will reduce inflation.

The entire region is moving towards electronic payments, and people are tired to holding Ebarland money in their pockets.

When the plastic note costs more to print than the currencies value who are they kidding?

The corruption is out of control.

SL is fiscally stronger when united with a Somali currency. The market itself doesn't want ictiraf, the geo-politics of the horn isn't in favour of ictiraf, I just don't know how much longer they can go with these gimmicks. The currency switch is a gimmick, but as long as we do something cooler than Somalia I guess we are don't better.