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.