UAE provides capital injection into Somaliland Central Bank

[Deeq A.]

 

HARGEISA– The Central Bank authority in Somaliland asserted that it received capital injection from the UAE in a bid to reduce skyrocketing inflation and the depreciation of Somaliland shillings which is slumping against the US dollar and getting to its weakest ever since its inception. The central bank authority declined to disclose the amount of capital injection that the UAE donated but said that the UAE government has pledged to make capital investment into the institution for five installments and that they received the first of its kind this month. The central bank governor has not explained whether the fund is a debt or an assistance in an interview.