Somaliland Shilling


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Somaliland Shilling

The currency of Somaliland, a country with limited recognition. It was issued in 1994, replacing the Somali shilling. Because of Somaliland's lack of international recognition, the shilling must be exchanged either through the Somaliland Central Bank or informally through a hawalah dealer.
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The self-declared Republic of Somaliland issues its own currency, the Somaliland shilling, which is not accepted outside of the self-declared republic.
Somalis who had returned from overseas used their savings to set up stores, but no one could afford to buy anything, and inflation had rendered the Somaliland shilling almost worthless against the dollar.
During Siilanyo-led administration, the local currency lost 50% of its value against the dollar--5000 shillings during Silanyo's predecessor to 12,000 Somaliland shillings in his reign.