Somalia will soon have new currency to combat ‘massive counterfeiting’

Somalia will soon get a new generation currency after the country’s central bank moved to release the design of new banknotes to be printed.

Most people in the country do not use the Somali shilling but transact their daily business using the American dollar.

The 1,000 Somali shilling banknote, which is currently the only Somali bill in use in the country, is worth about 4 US cents.

The central bank wants to print 5,000 and 10,000 bills and says it needs about $41m to introduce the new currency.

According to Somali finance minister Abdirahman Beileh, the central bank will release a final design of the new banknotes, urging excited citizens not to “rush the process”.

After the collapse of the country’s central government in 1991, many traders rushed to print private notes, inundating the nation with piles of worthless fake money.

According to the International Monetary Fund (IMF) , the new notes will help Somalia’s government “combat the existing massive counterfeiting in the country [and] restore confidence in the national currency”.

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