Should the Horn have just one currency?

[InaShaqalle]

I'm not saying I support this but as has been discussed for the last few years there is talk of the Horn of Africa going ahead with economic integration and perhaps also political integration. One aspect of economic integration is independent countries coming together to adopt the same currency via a monetary union.

What's the future for the Somalia shilling and should we instead with our neighbours have a new, common currency? Maybe it could be called Horn African dollar

 

[Macawisley]

I'm not saying I support this but as has been discussed for the last few years there is talk of the Horn of Africa going ahead with economic integration and perhaps also political integration. One aspect of economic integration is independent countries coming together to adopt the same currency via a monetary union.

What's the future for the Somalia shilling and should we instead with our neighbours have a new, common currency? Maybe it could be called Horn African dollar

Hmm, not a bad idea but there’s a lot of factors

 

[InaShaqalle]

What do you think @Periplus

 

[Dima&Damo]

If Implemented Right The Shilling Is Trash Who Even Use It Anymore

 

[Periplus]

What do you think @Periplus

I think it would provide stability and confidence to Somalia’s monetary scene.

However, Hormuud will definitely use all their sway in Somalias political scene to prevent any shift that would reduce reliance on the USD and in turn their mobile money services.

 

[WiilkaGedo]

Hell nah

 

[absame100]

No way. All of these talk about 'integration' is people and sabotges trying to disasmaber Somalia into Ethiopia.

 

[Bluefire]

Somalia is already basically part of Ethiopia we might as well formalise it.

 

[absame100]

A country's control of it's own currency is one of it's most important toolkit.

Why would you give that away.

This is completely illogical and will not happen.

 

[InaShaqalle]

A country's control of it's own currency is one of it's most important toolkit.

Why would you give that away.

This is completely illogical and will not happen.

So why do many countries share a currency with other countries then? 17 EU members use the euro, some countries in West Africa and Central Africa use the WFA franc and CFA franc respectively

 

[liya]

Kumbaya moment

 

[absame100]

So why do many countries share a currency with other countries then? 17 EU members use the euro, some countries in West Africa and Central Africa use the WFA franc and CFA franc respectively

West Africa or French West Africa are not fully sovereign countries. Their economies, government, and military are still controlled by France. Their (CFA) currency is French controlled and the reserves are held in the French National Bank. France even charges them interest on this That is how stupid they are. https://blogs.lse.ac.uk/africaatlse/2017/07/12/the-cfa-franc-french-monetary-imperialism-in-africa/

Why would any sane country want to lose one of biggest tools it has and give it away???

 

[InaShaqalle]

@absame100 but if the Horn having just one currency has the only central bank in a Somali city and is led by a Somali man, we can use this to our advantage over other ethnicities

 

[absame100]

@absame100 but if the Horn having just one currency has the only central bank in a Somali city and is led by a Somali man, we can use this to our advantage over other ethnicities

Single currency does not make sense. Unless you are are party of a formal monetary union like the EU. It is crazy and does not make sense for Somalia. Even a tiny country like Qatar or Maldives won't not give up that power.

 

[absame100]

@absame100 but if the Horn having just one currency has the only central bank in a Somali city and is led by a Somali man, we can use this to our advantage over other ethnicities

A monetary union is like a straight jacket that a developing country like Somalia cannot afford to be part of.