Somali Shilling


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Somali Shilling

The currency of Somalia. While the East African shilling was in use in parts of present-day Somalia since 1921, the present shilling was introduced in 1962. It suffered from hyperinflation in the 1980s and again in the early 2000s. Currently, the shilling is used mainly for small transactions, with U.S. dollars or (less frequently) euros being used for large ones. The breakaway region of Somaliland issues its own shilling, which is accepted there and is not related to the Somali shilling.
References in periodicals archive ?
Islamist militants yesterday urged Mogadishu traders to accept Somali shillings over US dollars to try to reduce inflation in the country, warning they would punish defaulters.
We shall try and publish a more accurate exchange rate for the Somali shilling in future issues.
Halane stated that The strategy to manufacture the new currency is meant to revive the collapse of the Somali shilling that was resulted by the more than two decades of the civil war in the country.
We have decided to produce the current Somali shilling as we work on the implementation of new Somali currency which will take time, he said.
About $100 is equivalent to 3 million Somali shillings, which apart from being heavy to carry, exposes money traders to the risk of robbery in the lawless state.
Billions of Somali shillings printed in Canada and Indonesia by certain warlords six months ago, considerably watered down the value of the shilling, currently exchanging at Sh20,000 to $US1.
At one point, the brothers offered a new car and $10,000 in Somali shillings in exchange for Susman's release.
Market data released on July 8 by monitors at the Food Security Analysis Unit - Somalia (FSAU) shows that the price of maize rose to 15,000-18,500 Somali shillings per kilogram in four markets in the Shabelle Valley, from around 3,000 shillings at the same time last year.

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