Somaliland Shilling Continue Losing Value and will Disappear Soon

[Saalax]

https://qarannews.com/somaliland-shilling-continue-losing-value-and-will-disappear-soon/

[YoniZ]

Salax,

 

Would you care to tell us, what it the exchange rate today? ($1 = to how much SL shillings)

 

The reason I am asking you that question is, the author you have posted his piece at this thread, only mentioned the exchange rate in 2005 of that was $1 = 5000 SL Shillings. Out of laziness or short shortsightedness, he never cared to tell his audience what are the current exchange rates!

 

Earlier this year, I had the pleasure to use the SL shillings (exchanged at around $1 = 7000)

 

According to the Author of the article, in ten years the shilling value changed from 5000 to 7000 against $1. This must be some kind of a miracle itself, considering conditions on the ground which include, lack of recognized functioning state, poor economy and security issues.

 

In experience, the SL shilling interns of the the quality of the paper-note (500, 1000, 5000) was magnificent, and the central bank managed the currency efficiently, given the lack of proper functioning financial institutions.

 

If I had the authority, I would have made the SL shilling the de-facto currency for all Somalia and, the Central Bank for all Somalis in North, East, Central and South based permanently in Hargeisa.

 

The SL shilling has been resilient in the past decade. However, it can be killed if not managed carefully, by the current finance minister's late shilling only transactions tantrums.

[Saalax]

You are correct 7k Somaliland shilling = $1. The other issue is soaring food prices

for the average Somalilander.

[Holac]

If Somaliland government doesn't print more of it, it will hold its value. But as usual, the government needs money and has to print more.

 

I am curious. How much does a decent meal at a restaurant cost in Hargeisa?

[Saalax]

It ranges from $5 to $2. Usually the more meat a meal has the more expensive.

10 years ago meat was cheap in Somaliland because there was plenty of livestock

for the Somaliland market. Now Saudis and other Arabs pay higher price for

millions of Somaliland livestock to be exported thus draining our own

livestock resources.