Somaliland: E-banking Zaad and Edahab not Behind Inflation- Politician Buba Ismail

[Deeq A.]

Hargiesa —Attributing the out of control inflation in Somaliland to  electronic bs King services is not only a fallacy but poor strategic  thinking This was stated by politician Ismail Mohamed Buba Hurre during a  Briefing to Geeska Afrika in Hargeisa from where he was reacting to  recently announced plans by the government towards arresting inflation.

In the announcement the administration of President Musa Behi ordered  the two electronic money providers, namely Telesom and Somtel to limit  dollar transfer in their Zaad and edahab platforms to only over hundred “Any amount below a hundred dollars should be translated in the local  currency” the order read Terming this move as erroneous the Opposition politician and senior  member of the Wadani party urged government to dig deeper for the root  cause of the huge devaluation to the local currency since it is obvious  that electronic banking services are not the culprit “Rather than put in place policies that might injure local business  adversely it is better to deal with the root problem which is the out of control minting of new currencies”said Buba According to the politician the outgoing administration of president  Silanyo printed large sums of money which were dumped in the market as a gimmick to hide the clearing of foreign currencies in the central coffers by unscrupulous officials Urging caution Buba said the good will given President Behi should not be marred by hasty policies Stressing on the importance of protecting the Zaad and edahab platforms of banking Ismail  Buba reminded on the international acclaim that Somaliland has accrued from popularity of the two services A Somaliland shilling is transacting a 10,000 to a dollar which is  almost 40% increase to the rate of 2 years ago

Horn