Somali government needs to consider several challenges before printing new currency for the nation, former State Minister said.
The government announced that it is planning to print new currency soon.
Abdullahi Mohamed Noor, former state Minister for Finance warned the Government against printing new money until several challenges are overcome.
The official said the government should secure funds to finance the printing of the money.
He pointed out that government has to keep political stability with regions and set mechanism to tackle corruption that engulfed the country.
“Printing Somali new currency is important as equal to any other nation, but what is more important than printing is to put in place and implement all the Pre-required conditions rather than issuing with the intention of political propaganda and ignoring all the potential economic risks,” said Noor.
Somalia’s Finance minister, Abdirahman Duale Baileh last week announced that the government will print new currency notes to replace the old ones currently in use.
The minister displayed samples of the new notes, two samples of the 5,000 and 10,000 shillings denominations.
“My government is determined to print new currencies of the Somali Shillings that include 5,000 and 10,000 denominations,” said Dr. Beileh last week.
The new currencies will replace the old ones that were largely out of circulation.
The 1,000 shillings denomination which has been in use for the past two decades.
The Finance minister did not specify the exact date when the exercise of printing currency will start.
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