The central Bank of Somaliland to replace the old currency in Eastern regions

[Siciid1986]

Hargeisa(Horn) — The Chairman of the Somaliland Central Bank. Mr. Abdi Dirir Abdib stated that the US Dollar gained value after the bank released some Somaliland currency into the market. He also disclosed that the bank is planning ways to replace the old Somalia currency (Ginbaar) which is in use in the Eastern regions of the country.

Speaking to GEESKA AFRIKA, in his office, Mr. Abdi Dirir Abdi said, “Since we last met the value of the dollar had fallen down, after which we put a lot of efforts by releasing Somaliland currency into the markets which eventually raised the value of the dollar.

Thanks to God that today the exchange rate is 580,000 Dollars per 100 USD and we shall continue with our efforts until we bring the exchange rate to a reasonable rate. We are waiting for new currencies which are being printed and we hope that the new currency will arrive in two to three months time and this will take the exchange rate for the dollar to where it used to be.

The devaluation of the dollar has been brought by the fact that our currency is working in all the regions after the Ethiopian Biir lost value against the dollar. We hope that the value of the dollar will return to its former status when the new currencies arrive.

We urge the populace to bear and keep informed especially on exported commodities which include the remittance which are sent from abroad which accumulate to up to 400,000 USD anually. When the value of the little they get from abroad is devalued, we understand that it is a big problem to them.

We ask the businessmen who have godowns in the cities who keep the Somaliland currencies to release them to enable the dollar to raise and help the people.”

Speaking on the replacement of the Ginbaar (Somalia Currency) in the Easter regions, he said, “ We hope to replace the Ginbaar curency used in the Eastern regions to enable the entire country to have one currency working in all the regions. The currency used in Burao, Sanaag etc will be replaces as soon as possible.”

The Central bank of Somaliland manager disclosed that they have set an outstanding plan for the bank general management and coordination with other staff.

“We want to make the bank modern and set a system that would link thye Bank staff because the Bank is being back bitten that it uses old type writers.”

The chairman was asked whether he has met with big money exchangers who are believed to control the exchange rate, which causes rise and fall of the US Dollar. He said, “ There is something on the issue. We have met on several occasions and there is the system of saving the money in stores and awaiting for the US Dollar to shoot up, then they buy them and we ask them to stop doing that.”

The chairman was also asked his relationship with the Ministry of commerce since the price of commodities did not reduce when the dollar fell. He stated that they are aware of the issue.

The Director General of the Somaliland Central Bank, Mr. Abdillahi Hassan Aden, who also spoke at the venue stressed that they have done a lot during the short period they have been in office and the work is proceeding as planned.

The Director general disclosed that there was plan to start private banks.” We are working on establishing private banks and that depends on when the law makers approve it.” He said.

[Jacaylbaro]

Ahhhhhhhhhhhhhhh not again ................