Forty-nine million USD worth Somali shilling notes printed by a German firm are rotting in a warehouse in Sudan, former Central Bank of Somalia has confirmed.
In an interview on Hanoolaato YouTube channel, Abdusalam Hadliye Omer who served as Central Bank Governor for nine months in 2013 said the government of Sudan had helped Somalia to print the new currency but was not shipped to Somalia due to political differences in Somalia.
Omer further affirmed that the notes were had superior security features that will meet international standards.
“The notes have seven security features making it very difficult to duplicate’, the former central bank chief said.
Omer who also served Somalia’s Foreign Affairs Minister between 2015 and 2017 stated that the currency may not find any use in Somalia as the country is struggling to resolve protracted political differences.
“I do not think this currency can be used in Somalia since there are wide-ranging disagreements between the Federal Government and the Federal Member States,” said Omer.
Since the collapse of the Somali government in 1991, the monetary system, as every other institution either disintegrated or fell into the hands of warlords and shady businessmen.
There was an emergence of importing counterfeit currency from foreign printers.
To this day nearly every Somali shilling currently in circulation is counterfeit. Owing to the lack of confidence in the Somali shilling, the U.S. dollar is widely accepted as a medium of exchange.
According Somali Finance ministry, the International Monetary Fund (IMF) is taking the lead in helping Somalia with a grant to print new currency.