(19 Aug 2024) MOGADISHU (Halqabsi News) – Somalia’s Upper House held its regular session on Monday, focusing primarily on the fate of the Somali currency and the pressing need to print new banknotes. The session was chaired by Acting Senate Speaker, Abdullahi Ali Hirsi Tima’Adde, who also serves as the first deputy speaker. Discussions on the Somali shilling came amid debates on the country’s financial reforms, particularly the recent introduction of sales tax.
Senator Ibrahim Aw-Gaab Osman, Deputy Chairman of the Senate Finance Committee, provided an overview of the Somali shilling’s history and its current situation. He urged lawmakers to prioritise the public’s concerns about accessing and using the currency. The country’s day-to-day transactions are predominantly digital, with people relying on various mobile cash services provided by local telecommunications companies, including Hormuud, Somtel, and others.
Some of the senators expressed concern over the scarcity of the Somali shilling, particularly in regions where it is no longer in use. They, therefore, called on the government to take swift action in printing new currency, stressing the urgent need for a stable and widely available national currency.
Halqabsi News
