Somaliland Central Bank has begun taking measures meant to stabilize the rising value of the US dollar which has weakened the Somaliland shilling in the past two weeks hence exerting pressure on some sectors of the local economy.
The newly appointed governor of Central bank Mr. Mohamed Abdi Ibrahim (Dhooble) speaking to the press about the new measures taken by the nation top monetary institution had this to say “As you’re aware of the Somaliland shilling has in the past two weeks continued to lose ground against the US dollar this has resulted to the current spike in the price of basic commodities.
The Central Bank boss added, “We have in place the legal and regulatory framework capable of ensuring the efficient and equitable operation and which are all fundamental to the management of the economy.
“I would also like to urge local traders to value the local currency over foreign currencies in response to concerns on dollarization, or the increased use of the dollar instead of the local currency, he stated.
The current government has in the past also issued a notice stating that transactions inside the country must be conducted in Somaliland shillings, a rule that is already on the books but unevenly enforced.
