Something weird about Somali shilling

On Google it says 1 dollar is 500 shilling
In Somalia 1 dollar is 30k shilling
If you went to Somali a you know what I mean
 
Why is the shilling so weak? You sure it’s 30,000 for a dollar ? In somailand is 10,000 SL shilling equal to 1 dollar. For the longest SL shilling stayed at 7,500 = $1
 
Why is the shilling so weak? You sure it’s 30,000 for a dollar ? In somailand is 10,000 SL shilling equal to 1 dollar. For the longest SL shilling stayed at 7,500 = $1
It is a poor country and they don't have an institution that adjust the inflation for the market. In germany after the WW1 you had to stack money in bags and wheelbarrow to buy food.
 

Apollo

Staff Member
On Google it says 1 dollar is 500 shilling
In Somalia 1 dollar is 30k shilling
If you went to Somali a you know what I mean
Why is the shilling so weak? You sure it’s 30,000 for a dollar ? In somailand is 10,000 SL shilling equal to 1 dollar. For the longest SL shilling stayed at 7,500 = $1

Somali Shilling against the dollar over the past couple of years:

qsGOanQ.png


It has been gaining strength.
 
There's not much of value you can buy there besides land and houses.

:bell:

Also since the shilling is so weak most transactions use US dollars , which isn’t good for the economy. You should be trying to strengthen your own currency instead of being dependent on the dollar
 
Also since the shilling is so weak most transactions use US dollars , which isn’t good for the economy. You should be trying to strengthen your own currency instead of being dependent on the dollar
It was hard walking around with stacks of mony in bags to buy dinner, when you can just convert it to to few dollars. But you are right, people should ditch the dollar and only use the national currency.
 

Apollo

Staff Member
The curious tale of the world-beating Somali shilling

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Here’s a pecuniary peculiarity to rival Bitcoin – the world strongest currency over the past 12 months belongs to a small, war-torn African state without foreign currency reserves or any discernible monetary policy and a central bank of only three years’ standing. Yet the Somali shilling, Somalia’s official currency, has overcome such disadvantages to appreciate against the US dollar by just under 60 per cent since March last year, becoming the strongest among global 175 currencies tracked by Bloomberg. Its surge has been so pronounced that the second most robust currency over the same period – the Icelandic Krona – could only manage a measly 10.2 per cent rise.
 

Ape

Study Sunt Tzu’s, ‘Art of War’.
On Google it says 1 dollar is 500 shilling
In Somalia 1 dollar is 30k shilling
If you went to Somali a you know what I mean
Somalia is an unstable and poor country (if you can even call it that). There is no organised economy with statistical boards so its hard to keep in track with the exchange rate. Also, you can literally buy shillings from old men sitting in the street who raise the shillings for lower dollars and so on so forth.
 
Why is the shilling so weak? You sure it’s 30,000 for a dollar ? In somailand is 10,000 SL shilling equal to 1 dollar. For the longest SL shilling stayed at 7,500 = $1
I remember it when it was 6k.
Everywhere in somalia the dollar is preferred .which is stupid
 

Ras

It's all so tiresome
VIP
The exchange rate changes depending on how much dollars you want exchanged.

Most of it counterfeit anyways ... even the banks there don't want to touch it but they'll happily take your dollars in return for the same fake shit.

Somalia needs to move towards a digital currency asap.
 
I think the value of Shilling and its worth in Somalia are different.

The Somali shilling is valued 500 SOS to 1 USD, as that's indicative of Somalia's economic growth rate.

However as everyone wants US dollars over Somali shillings in Somalia, the worth of Somali shillings would plummet to 21,000 to 1 USD.

Sorry if I'm wrong, my economics is rusty.
 
I think the value of Shilling and its worth in Somalia are different.

The Somali shilling is valued 500 SOS to 1 USD, as that's indicative of Somalia's economic growth rate.

However as everyone wants US dollars over Somali shillings in Somalia, the worth of Somali shillings would plummet to 21,000 to 1 USD.

Sorry if I'm wrong, my economics is rusty.
Yes. Low confidence depreciates the value of the currency. When the US dollar is used as a medium of exchange, it usually leads to an inflation of the local currency. This can have a bad effect on the country's economic health as an extension.
 
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TekNiKo

“I am an empathic and emotionally-aware person.
VIP
If US dollars were banned or the dreaded Electronic Virtual Currency (Zaad)

Somalia would have a much better economy
 

SirLancelLord

Reformation of Somaliland
VIP
That's crazy man 21K I remember when Burco was still using the Shilling 50/50 before being transferred the land that shit smelled and was happy when they fully got rid of it.

Not whenever in change whenever I'm at sariiflaha always makes sure he gives me the freshly printed ones.

Was surprised when I was in Las Anod that they use the SL shilling wans't there a whole bunch of news last year and the 2 currencies and PL don't know what isit about but while walking in the market only saw SL shillings everywhere
 

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