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Somali Shilling Hits Lowest Value in History
The Somali shilling Saturday hit its lowest value ever in its history by reaching 17,100 shillings against US dollar due to the arrival of a new consignment of fake bank notes of the country.
According to eyewitnesses, more than 60 billion Somali shilling notes worth about 4 million US dollars have entered the Issaley airstrip, some 15 km northeast of the capital city of Mogadishu, earlier Saturday morning.
As a result, some main businessmen have stopped selling their goods in Somali shillings in fear of losses owing to the continuing devaluation of the shilling against the hard currency. Other small businessmen such as the retailers, the worst hit by the inflation, have likewise closed down their business.
After hearing the news about the arrival of the fake Somali bank notes, the new interim government of Somalia has held an emergency meeting and put its encamped militias into full alert.
According to the presidential office, the government has planned to stand firm against the arrival of the fake money.
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