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 ?
Muse says that he earns between 7,000 and 10,000 Somali shillings daily and gives all of the money to his parents, so that they can buy food for the family.
Finance Minister Mohamed Ali Hamoud pledged to work towards reducing inflation by accepting the Somali shilling over dollars in tax collections.
The Somali Shilling fluctuates (over the last few months) between SoShs14,000 to SoShs18,000 per $1.
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.
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.
I gave an amount of Somali shillings to Mr Noor, to use as he saw fit, but I told him that I wanted to have my guns (and a considerable part of my hunting clothes packed with them) when coming back three days later.
In 2000, 14,000 Somali shillings purchased a dollar, but the rate deteriorated to 45,000 in 2001 when the government printed more money, Ali said.
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.
Norman's been ferrying planesful of Somali shillings for the outlying UNICEF offices.
The little food that was available was extremely expensive - one egg costs around 5,000 Somali Shillings (20 US cents) - a five-fold increase since the beginning of the year.
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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