Central Bank warns money exchangers from selling foreign currencies at higher than official rates

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By Goth Mohamed Goth

The Governor of the Central Bank of Somaliland, Mr. Ali Abdillahi Dahir, has suspended and sent a stern warning to 3 local money changers that he said are engaged in devaluing the Somaliland Shilling while rendering their services to the general public.

The Somaliland Central Bank has warned the money exchanges that sell foreign currencies at higher exchange rates that their licenses would be suspended or revoked if they go beyond the exchange rates stipulated to them by Bank.

In a statement released to local media, the Central Bank of Somaliland asked Department of Foreign Exchange to suspend the accounts of money exchangers involved in any instances in that a money changer offers higher exchange rates (Selling Rates) for any transaction other than those issued by the SL Central Bank..

The Somaliland Central Bank Governor further said that the rules of the Exchange have been violated, and action will be taken according to the law against those who are involved.

In order to maintain the stability of the currency exchange and commodity exchange markets, we do hereby suspend the operating licenses of the accounts of money exchangers involved in any instances that a money changer offers higher exchange rates (Selling Rates) for any transaction other than issued by the SL Central Bank will cause foreign exchange currency instability and financial turmoil in the country.

Therefore, we request that the restrictions remain until they complete the requirements of the central bank, and comply with the daily exchange rates in the markets of the Republic of Somaliland.

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