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Somalia Says It Will Soon Begin Printing Currency

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Somalia Says It Will Soon Begin Printing Currency

Somalia wants to continue with banknote printing this year for the 1st time since the collapse of the government in 1991.

Somalia’s central bank governor, Bashir Issa Ali, told the Voice Of Africa (VOA), in an interview, that all the crucial preparations are complete. Bashir also said that the government is capable of assembling a financial aid package in a period of three months to pay the printing program. He also said that the work will take about four other months to be completed.

When Bashir was asked if Somalia will print and distribute currency during 2017, Bashir answered, “definitely Somalia will print and divide them!” He also pledged that the new Somalia currency would provide better and reliable security features.

The Pre-1991 banknotes have lost from the Somali markets, and have been replaced by either the Western money, including privately printed notes or dollars, most of which are not genuine.

Financial reforms to take over soon

Bashir said that international institutions, for example, the U.S. Treasury, the World Bank and as well as the International Monetary Fund, have been assisting Somalia to rebuild its financial sector, as well as training the new central bank staff.

Bashir told the VOA that they have prepared all basic groundwork and all the issues, in order to put in place the necessary technical requirements.

Hassan Sheikh Mohamud, Former Somali President, met a key requirement of the international authorities by signing into the law parliament approved legislation in order to outlaw financial terrorism and “money laundering.”

Somali government requires about 60 million dollars to be able to resume the banknotes printing. On the other hand, Bashir said that he wants to receive pledges for the sum at Somalia international donors’ conference in the UK.

“We expect assistance with that issue from the international community,” Somali bank governor said.

Private banks mobile money

Bashir said that trustworthy currency’s scarcity and hardship has created several opportunities for the innovative strategies in different private sectors. He also added that Somalia has attained some improvement in establishing mobile money systems and private banks.

Several transactions in my government recently take place by use of the “electronic mobile money,” Bashir added.

Somali currency accounts for a smaller part of the payments system, Bashir said.

“Most of the payment system is done through electronic money and through dollars, which is a good thing for saving effort and costs, and it is also very convenient,’’ he also said.

Bashir noted that the money transfer companies which relay payments directly from Somalis working in the western countries live and work in many places of the country, A large part of the nation doesn’t have the way through to dollars or electronic funds, hence there is a serious need for a good and reliable national currency.

The central bank governor said that immediately whenSomalia-printed banknotes begin to circulate, his staff will have the capability of regulating and controlling transactions by the remittance services and private banks.

The bank has currently trained staff members to work on the exchange and financial systems, and the training efforts of the staff members are ongoing.

On 12th this month, Bashir Ali said, “over ten staffers are departing for training on financial and counterfeiting controls that include the bank staff, the national security agency, and the police.”

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