Somaliland Shilling appreciates against US dollar by 4%

By M.A.Egge

Somaliland National Task Force charged with the job of being vigilante against the depreciation of the local national currency has praised the efforts that were made by the state to stabilize the shilling.

The concerted efforts to tame inflation have started bearing fruits.

A meeting of the committee on raising the value of the shilling and fighting inflation at the headquarters of the Bank of Somaliland reviewed and evaluated the measures taken by the Government and the Bank of Somaliland, especially on the:

1. Expanding the intensive and extensive use of the Somaliland shillings
2. Fixing the value of the Shilling and fighting against the black market exchanges
3. Striking the balancing the amount of US Dollars and the local Shillings in the currency markets.

On the other hand, the officials of the Central Bank who gave a report to the committee on the state of the monetary market in recent days and the results of the measures taken confirmed that the price of the shilling has increased against the USD by 4% this week, which is a significant achievement.

Finally, it was agreed to continue the implementation of these measures to achieve the objectives in concerted efforts.