Puntland State Bank Is A Joke

[DR OSMAN]

 

[DR OSMAN]

Puntland government ma 'shirkad' ba markay banki lee dahay. State bank should be only dealing with issuing of 'local currency' to registered 'private banks' which then facilitates 'civilians' to use the private banking system for transactions or storage of capital in the market place.

This is a fucking joke, get rid of it immediately or else it makes Puntland bank appear like it's some 'business' not a Government.

 

[DR OSMAN]

I am sick of having a monkey state that doesn't organize itself along nation state lines. You can't have a nation without a local currency that is managed through supply/demand. The central bank knows what each year 'business activity forecast' is for a region and how much 'currency' needs printing. It also knows when to 'remove' currency when the economy is no longer growing, so there isn't an over-supply of currency and not business activity.

We need serious economists, we need to hire the best from the world, not rely on Somali economists, but proven economists with 'nation state' experience. Get to work Puntland, stop sitting there

 

[DR OSMAN]

You would need only about 2 billion dollars worth of Somali currency circulating in PL economy for 2019. Each year we can then measure what the difference in GDP is to 2019 with our 'special consultant economist' and 'add more currency' to support the growth in GDP or reduce it depending on global or local political problems.

This will ensure we reduce the risk of our economy having high inflation or possible recession. End of story, now get the fucking economist, make sure he has 'track record' in designing fragile nation economies. I am sick of this puntite mentality on Somalispot that everything is to hard and we just sit here for another 100 years abusing hamar or hargeisa, I want nothing to do with them baboons, I want SCIENCE

 

[DR OSMAN]

Just know the more we sit here with Isaq and Hawiye, the more lays nici doone. I want to design PL economy so we have stable currency, legal tender, controlled supply based on our GDP. We just want to ensure there is enough currency circulating to ensure trade can happen, like someone selling a house, car, camel, products, services. We need to ensure the currency is there to support this. I would say $2 billion worth of business activities happen each year. But when we bring in my big projects, wallahi that will change to 3 billion, then 4, 5, 6, so our central bank needs to keep up pumping more notes and sending it to the private banks.

 

[DR OSMAN]

Damn Teeri isn't here who is quite knowledgable about these things such economic designing a nation, Somalis don't understand it fully unless some studied it. Some try to understand it but don't have a fkn clue wat their on about like @SirLancelLord because he didn't even begin to measure his economic investments against GDP gains. He thinks all investment is good, nope some investment is waste of time/effort/resources because it doesn't contribute to your GDP in a meaningful way.

Your GDP is like 1 billion in SL, how is your farming or food processing factories going to change that? Tell me the tonnes you produce and I can tell u how much it's worth dollar wise. Wallahi you will remain 1 billion each year kkkkkk with like 0.00000009% growth each year. U won't even be making single digit growths, let alone double digits like Ethiopia. Stop copying Siyad model, he was applying a communist economic policy not 'capitalist' economic policy geared towards achieving GDP outcomes each year. Sir-lance you didn't even state where you want to be economically GDP wise in 5 years.

That shows all your investment is not guided by financial decisions but by SIYAD BARRE COMMUNISM. Go to @TekNiKo your damn master. Tekniko isn't my master, I am his master, he 'coup' on my Sharmarke who had his own grand plans that could've turned this nation into 1st world nation, because Majerten are the ELITES OF ALL SOMALIA

 

[repo]

Puntland can’t print currency it’s against the provisional constitution and even if it did the SFG issued currency would be adopted by all states except Puntland making trade impossible.

 

[DR OSMAN]

Puntland can’t print currency it’s against the provisional constitution and even if it did the SFG issued currency would be adopted by all states except Puntland making trade impossible.

That's insane because the SFG can then manipulate Somalia economy and use it as a 'threat' against regions. Giving them this role is very dangerous and can comprise all Puntland economic direction without a stable currency provider. Is it even independent from politics our central bank and run by pure capitalist and economist who's only goal is to ensure there isn't disaster in business activity within the nation.

It's not hard to print currency. Set up 5 private banks that are registered to the central bank and deliver the currency to these known banks only who begin taking control of the market place trade activity because without full control of the market place, we can't control, manipulate, slow down, increase supply of currency to ensure it's protected against a global financial slow down or local slow down in business or sometimes it can be political disagreement locally or globally that can affect economics, especially in a shit hole like Somalia where there is no stable politics for even 100 years.

For example their could be years where PL will only print 2 billion dollars worth of Somali shilling, where-as another year we may print 5 billion dollars worth of somali shilling because we know there is 'FDI' or 'Predicted Diaspora Investment' or 'Tourism' or something to justify the increase of notes needed to support the trade, we want our economy guided by financial calculations and GDP difference year by year.

 

[DR OSMAN]

@sincity what I was stating is PL needs a 'pure' economist that steers us towards our GDP calculations and figures for the year in areas of 'major' investments or development of new 'sectors' in the economy like oil/minerals profile is definitely needed, tourism sector, factories dealing in products worth $100 or more per product like furniture, boats, beds.

Maybe high-end factories like 'cars'. Wallahi at the 'right rate' and if we predict how many workers, hours they work, and how much in a year they can produce, we can easily predict our economy to multiply by 20-40 billion easy. But we also need the economist who monitors 'market price increases' and average out how much that is per year so we supply just enough 'notes' to cover those increases in the market place. If we have an active banking sector loaning people money because to lift people out of poverty you need a loan, they can start getting mortgages, car loans, personal loans, business loans this will encourage way more activity in Puntland, we will have a fully fledged economy.

Once our 'trade' turns 'outside' more then 'inside' in-particularly we start exporting more rather then trade inside the nation, we need to start purchasing gold vaults to provide a strong credit rating for our currency especially before we float in the market so it's not worth nothing because 'forex' boys will look at our gold reserves backing our currency in comparison to other gold reserves and 'adjust' our currency worth accordingly to who-ever we share the same 'value' as they will also take into consideration our 'trade activity' and how much it is in globe in comparison to other economies before deciding on the Somali currency value.

This is however a a long way to go, we need damn Teeri, I am feeling economically vibrant today not so much 'military or academia focused'

 

[SirLancelLord]

Just know the more we sit here with Isaq and Hawiye, the more lays nici doone. I want to design PL economy so we have stable currency, legal tender, controlled supply based on our GDP. We just want to ensure there is enough currency circulating to ensure trade can happen, like someone selling a house, car, camel, products, services. We need to ensure the currency is there to support this. I would say $2 billion worth of business activities happen each year. But when we bring in my big projects, wallahi that will change to 3 billion, then 4, 5, 6, so our central bank needs to keep up pumping more notes and sending it to the private banks.

You do know printing more money decreases it's value.

Take a look at Somaliland Central Bank when the shilling was rising and reached about 12k the bright in a new governor who started priming in place certain measures and ever since then the shilling got stronger now at 8k and stable

 

[DR OSMAN]

You do know printing more money decreases it's value.

Take a look at Somaliland Central Bank when the shilling was rising and reached about 12k the bright in a new governor who started priming in place certain measures and ever since then the shilling got stronger now at 8k and stable

No you balance your currency supply against the 'trade' activity that happens in a year in your domestic market. You can predict your daily trade, monthly, quarterly, yearly thru just 'taxation' revenues if you apply 'taxation' properly across all 'sectors'.

If there is not enough currency circulating in your market place, it can lead to a 'recession' where all trade stops and therefore all taxation stops and the government activities stop. Central bank must be controlled by the government but it needs to be independent from politics and given a role like the PIS is in Puntland Military, complete autonomy. I want our economy designed, planned, and our GDP figures defined. Each year, I want to see new sectors develop like banking sector that deals in loans for properties/cars/business loans to encourage locals to get off their asses and do something and get job or get a loan for a business, I want to see FDI occurring, tourism happening, and manufacturing of products that meet our GDP requirements not 'food stuff and basic commodities'.

As long as we define what GDP we want each year, we can determine the industry, manpower, hours needed each year by our labor supply.

 

[repo]

That's insane because the SFG can then manipulate Somalia economy and use it as a 'threat' against regions. Giving them this role is very dangerous and can comprise all Puntland economic direction without a stable currency provider. Is it even independent from politics our central bank and run by pure capitalist and economist who's only goal is to ensure there isn't disaster in business activity within the nation.

It's not hard to print currency. Set up 5 private banks and deliver the currency to them to begin taking control of the market place because without full control of the market place, we can't manipulate it and protect it against a global or local slow down in business.

For example their could be years where we only print 2 billion dollars worth of Somali shilling, where-as another year we may print 5 billion dollars worth of somali shilling because we know there is 'FDI' or 'Predicted Diaspora Investment' or 'Tourism' or something to justify the increase of notes needed to support the trade.

Somalia's economy is largely supported by peasants. I agree they need help such as loans to increase their stock and livelihood but that can be done in the form of micro lending. It won't result in billions but at tops a few million. These sort of initiatives do not have a return on investment and barely break even but they stimulate the economy.

Instead of waiting on the government to print currency that no one has faith in and is largely useless (majority of Somali currency is fake) we should continue using stable currencies like the dollar and lend money to small business owners. Like you said a private bank can be established to do it but since there's no profit in it people do not do it.

 

[DR OSMAN]

Somalia's economy is largely supported by peasants. I agree they need help such as loans to increase their stock and livelihood but that can be done in the form of micro lending. It won't result in billions but at tops a few million. These sort of initiatives do not have a return on investment and barely break even but they stimulate the economy.

Instead of waiting on the government to print currency that no one has faith in and is largely useless (majority of Somali currency is fake) we should continue using stable currencies like the dollar and lend money to small business owners. Like you said a private bank can be established to do it but since there's no profit in it people do not do it.

You can easily clean up the fake currency thru strong policing and removing all currency that isn't using the government printed note. In-fact you can make the govt printed note 'secure' with 'chips' or 'polyster' or some unique material only the govt has and the currency manipulator doesn't.

I would punish anyone manipulating any currency in PL not just Somali shilling but also foreign currency with heavy sentences and treat it like a 'war crime' and not 'civil or criminal case' and let the military courts deal with them and not civil courts. I would grade those assholes as severe as terrorists.

 

[Farm]

Puntland should have its own currency and monetary policies @DR OSMAN

 

[repo]

You can easily clean up the fake currency thru strong policing and removing all currency that isn't using the government printed note. In-fact you can make the govt printed note 'secure' with 'chips' or 'polyster' or some unique material only the govt has and the currency manipulator doesn't.

I would punish anyone manipulating any currency in PL not just Somali shilling but also foreign currency with heavy sentences and treat it like a 'war crime' and not 'civil or criminal case' and let the military courts deal with them and not civil courts. I would grade those assholes as severe as terrorists.

What will you do when Puntland has one currency and the SFG has another. Other states will use the SFG currency and how will you exchange Puntland currency with the dollar and others for example for currency swaps for those large industries?

 

[Farm]

What will you do when Puntland has one currency and the SFG has another. Other states will use the SFG currency and how will you exchange Puntland currency with the dollar and others for example for currency swaps for those large industries?

The FGS isn’t ever making a currency, and a PL currency would dominate Somalia anyways even if they did. Trade all the way to Hiraan originates from Bosaso even as far as Beledweyne they drive around with PL plates as they need them to get to Bosaso to use our port.

 

[DR OSMAN]

The FGS isn’t ever making a currency, and a PL currency would dominate Somalia anyways even if they did. Trade all the way to Hiraan originates from Bosaso even as far as Beledweyne they drive around with PL plates as they need them to get to Bosaso to use our port.

What I like about Omar Mahmoud are they are 'forward thinking' and want the best for the state. I don't see this in other clans in PL, including my own unfortunately. Screw em they just wanna keep us lock down to Somalia and living like dogs and being dependent.

I noticed the dollar economy in Somalia holds back 'trade growth'. There isn't enough dollar supply in those 'informal banks' and yes they're 'informal' they are not 'registered' with the PL govt and therefore their currency supply is shipped from outside the country, they prefer being hostage to a 'gaal' currency then their own currency. But the reason this doesn't work is simple. U know how long it takes to sell one property in PL? it can take months before they can organize the 'dollars'.

Even my adeer says he has to wait and survive on 'credit' in PL untill his livestock payments are given to him because the economy simply doesn't have 'large quantities' of dollar sitting around. By printing our own currency, we can ensure the quantity of currency is available for quick transactions of properties, land, and business purchases.

Our economy is only suited to 'small trade' like 'suuqa' yar buying food stuff and minor items, that's all our dollar economy can supply. We need a new monetary policy that is 'science based' to get around this only. It's going to be hard beginning factories, construction, road investments, hospitals, etc if the actual money supply is 'short'.

Wallahi those 'hawalas' are dead broke in terms of their dollar storage, their lucky to transact 1 billion dollar kuligooda in a year due to diaspora remittance. Can we grow from such small pool of 'capital' when I predict PL economy needs at least 2 billion worth currency to support it's internal trade like people selling homes, construction activities, market consumer activities, rural activities, inter-state trade activities at the port.

Plus if we going to add new industries, the 'currency' has to be in large supply locally because a major factory employing 100 people can be in the multi million dollar range, so where is the multi million dollar currency sitting in PL? It's nowhere wallahi, there isn't a single storage place with that sort of money. Even our damn international reserves is 30 million USD only and that's donor funds also.

PL simply needs a damn economist, banking system, and also registered private banks to act like the 'center' of trade. We can begin registering their 'hawala' as formal banks and inform them they can only use the 'currency' supplied from PL, no more 'suuq' madow, we want a controlled economy so our economist can 'tweak' and apply supply control mechanism each year when the government secures new projects such as infrastructure, business, etc. We can formalize our banks to begin lending economy and adopt 'interest' based system so this attracts shareholders to get shares of these banks and provide 'capital' for them. I have great plans for puntland, forget my insults but when I am talking serious, I am talking damn serious.