Bar-kulan

January 3, 2012 Markacadeey

Finance and Planning minister Mohamoud Hassan Saleban has for the first time spoken of the new Somali currency being printed in Sudan following an agreement signed in Khartoum early 2010 between the TFG and the Sudanese government.

In an exclusive interview with Bar-kulan, the minister said the printing of the new Somali banknotes begun last year and continues for now, hopping that the new currency will stabilise the country’s economy.

He said he has recently visited the Sudanese Company for Currency Printing which is currently handling the printing of the Somali currency to inspect the ongoing process.

He expressed satisfaction with the printing process, saying that the new banknotes contains unique security feature that cannot be fabricated by fraudsters.

The minister said the new currency cannot be reproduced by unauthorized people or print similar banknotes, saying that it can easily be distinguished from fake notes.

The new banknotes will be available in denomination of 1000, 2000, 5000, 10,000, 20,000 and 50,000 shillings. The current Somali Banknotes is available in only 1000 shillings.

Saleban said the government has not yet set a timeline in circulating the new money as it has not finalised putting in place ways to effectively circulate it.

“Changing the old currency and replacing it with the new currency needs a lot of preparedness”, said the minister.

Somalia signed an agreement with Khartoum government in January 2010 to print a batch of new Somali currency.

HOME