Somaliland Currency Dealers decry rising inflation

[Deeq A.]

HARGEISA— The Somaliland currency, the Shilling, has slid to all time low against the dollar on Wednesday traders said. Some currency dealers in the street of Hargeisa have said that there is a need to introduce measures aimed at halting the decline of Somaliland currency and the country’s economy is at low ebb.

Some financial institutions exchange a dollar for 1 million Shillings while other business people exchange at the rate of over 1 million Shilings for a dollar.The chairman of currency dealers in Hargeisa has given an interview to Somali Channel and said that tackling inflation and exchange rate hike is for the President elect to deal with urgently. The chairman has called on President-Elect to hold an emergency meeting with them so that they will discuss the best remedy on this economical crisis.

The currency dealers have blamed for the outgoing Silanyo’s administration which failed to implement the measures which were agreed to solve the current problem. They have said that the president elect must come up swift decisions aimed at tackling the skyrocketing and high stand of living in Somaliland. The current economic dilemma poses a real risk to poor families in Somaliland. Somaliland’s currency has declined over the years. Somaliland is a broke away state that unilaterally seceded from Somalia in 1991 but it has not been recognized.