The Somali Shilling is now equal to the West African CFA Franc

[Bille]

Stop flexing the inflated artificial number caused by terrible “restructuring”, flex the 1:7 that SYL had and the 1:6 that Kacaan had before they broke with socialism

The Kacaan government kept inflation down despite having to go a big war against Ethiopia. For 20 years from 1969 upto 1989 our money had value, in fact the biggest bank not that we had was the 100 Shilling bank note.

It was only in 1989 that the Bank of Somalia decided to print out first time the 500 Somali Shilling bank note. That was when most Somalis realized that our Shilling was losing value, and 2 years later the government fall apart.

 

[Mohamedamiin120]

The Kacaan government kept inflation down despite having to go a big war against Ethiopia. For 20 years from 1969 upto 1989 our money had value, in fact the biggest bank not that we had was the 100 Shilling bank note.

It was only in 1989 that the Bank of Somalia decided to print out first time the 500 Somali Shilling bank note. That was when most Somalis realized that our Shilling was losing value, and 2 years later the government fall apart.

They seemed to have forgotten their own words- they were revolutionaries (no doubt) but they listened to the seductive words of the capitalist and were swept away!

 

[livinlavish]

1 dollar is 555 somali shillings.

yk what that acc good for a people who had a 40 year war

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[Barkhadle1520]

Is the Somali shilling even used much in Somalia itself?

No most transactions are mobile money which uses USD

 

[iley]

Many do not know this but the valuation of the Somali shilling has grown over the past week (likely due to investors jumping ship from the Ethiopian Birr, which has been devalued consistency for the past year). I did not expect it to jump to the level of the CFA Franc- would be great if this was a permanent thing but I doubt it.

The jump is bigger then the jumps in 2022-2023, I would like to see the reaction from exporters before I comment on this (obviously, as we all know, exporters like a weaker currency while importers like a stronger one).
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I dont think this shilling somalia is accurate. 25k is a dollar not 500 or whatever it says

 

[iley]

1 dollar is 555 somali shillings.

yk what that acc good for a people who had a 40 year war

No its 25k maybe higher this year not sure

 

[iley]

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Kun aa u yar, kun aa u weyn

 

[caano_shaah]

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[Afar indhood]

It's 29k shillings now. The shilling is rarely used even in Mogadishu. The notes are old and frail since they're printed on paper by random businessmen after the Civil War. Last printing was early 2000s.
The government is trying to introduce the new currency but there's no way anyone would be using notes printed by the most corrupt government in the world. And, since these notes are too frail and have already run out their lifetime, I'd expect we'd be forced to switch to another currency (Kenyan shilling or the birr) since mobile money transfer is not always reliable.
99% of purchasing is done via one company, Hormuud, and if someone were to hack them, all economic activities would cease in Southern Somalia (Hormuud is basically a mafia organization run by Salafi mercenaries that prevents competition and is a monopoly, and engages in criminal activities like buying Iranian oild/gas which could make the US freeze their assets like they did in early 2000s). No one seems to care about this potential social catastrophe. Everyone one here is too tired to even think about changing the status quo.
The prime Minister recently said that they are begging Kuwait for 40mil usd to print the money, yet he is also kicking out aid workers out of the country for refusing to give him 6 million dollars.

Things are not looking good.

 

[Mohamedamiin120]

It's 29k shillings now. The shilling is rarely used even in Mogadishu. The notes are old and frail since they're printed on paper by random businessmen after the Civil War. Last printing was early 2000s.
The government is trying to introduce the new currency but there's no way anyone would be using notes printed by the most corrupt government in the world. And, since these notes are too frail and have already run out their lifetime, I'd expect we'd be forced to switch to another currency (Kenyan shilling or the birr) since mobile money transfer is not always reliable.
99% of purchasing is done via one company, Hormuud, and if someone were to hack them, all economic activities would cease in Southern Somalia (Hormuud is basically a mafia organization run by Salafi mercenaries that prevents competition and is a monopoly, and engages in criminal activities like buying Iranian oild/gas which could make the US freeze their assets like they did in early 2000s). No one seems to care about this potential social catastrophe. Everyone one here is too tired to even think about changing the status quo.
The prime Minister recently said that they are begging Kuwait for 40mil usd to print the money, yet he is also kicking out aid workers out of the country for refusing to give him 6 million dollars.

Things are not looking good.

Uhhh last printing was from the 2010s until 2023.

They were printed in Sudan but obviously the war has halted that. https://www.hiiraan.com/news4/2021/..._ex_somalia_central_bank_governor_claims.aspx