(17-07-23) MOGADISHU – On Monday, the Prime Minister of the Federal Republic of Somalia, Mr Hamsa Abdi Barre, underscored the urgency of reviving the nation’s currency during a meeting with the Somali Shilling Reissue Committee. This is part of an effort to tackle inflation and alleviate the burdensome economic circumstances affecting the Somali populace, in a push for economic revival.
The Prime Minister introduced the Government’s blueprint for financial reform, which includes the establishment and operation of central bank branches within the regional governments. The plans also encompass broadening discussions and guidance on the printing of the country’s currency, a responsibility shared across all the nation’s states.
The Kal-Kaal Project Steering Committee, responsible for the reissue of the Somali Shilling, provided the Prime Minister with a comprehensive report detailing the progress of the venture, as well as the challenges yet to be surmounted to ensure the nation is equipped with a new currency.
The meeting also featured a report on the status of the Somali shilling currency printed in Sudan. The report disclosed that these notes were allegedly looted, offering a concerning insight into the operational state of the Regional Government’s Central Bank Centres, and the recent plans to reprint the Somali shilling currency.
Earlier in March this year, Prime Minister Barre conveyed optimism regarding the issuance of the Somali shilling. During the inaugural meeting of the National Level Steering Committee for the Reprinting of the Somali Shilling Project in Mogadishu, he emphasised his belief that the renewed currency would stimulate the country’s economic growth.
