Somalia to print new currency with highest denominations
The highest denomination of banknotes will be 10,000 and 5,000 Somali Shilling note, the Country’s Central Bank confirmed on Tuesday.
The country’s old currency has almost disappeared or is worn out and was replaced by U.S. dollars or counterfeit notes.
The Somali Shilling not been printing since the fall of the central government in 1991. A large amount of the Somali shilling currently in circulation is counterfeit. Owing to the lack of confidence in the Somali shilling, the U.S. dollar is widely accepted as a medium of exchange.
In an interview with Hiiraan Online, Central Bank Governor Bashir Isse Ali said the country will get notes with security features that will meet international standards.
“To get the new currency, the government put a lot of efforts, the process passed through different stages. Now it is the last phase of printing the currency,” said Ali.
Ali had indicated the country would be spending $41 million to print new currency notes.
“The notes will be in denominations of 5,000 and 10,000. The sample of banknotes will be best one,” the governor pointed out.
Ali confirmed that it will difficult for criminals to reprint the notes.
“To reproduce this currency will very different, whoever tries to print it, will have to spend it a lot which truly does not has any benefit for them,” he affirmed.
The governor hinted that government will also print the highest denomination which will be a 20,000 Somali shilling note and a 50,000 note.