By M. A. Egge
The Central Bank of Somaliland has given a stiff and final warning to money changers who have abused foreign exchange by flouting the regulations and inflated the rates.
The warning was contained in a note directed to ten licensed money exchangers who stand to be deregistered if they continue the malpractice of indulging in excessive rates.
They are Haa, Al-Hadiya, Beddel, Rayan, Sanyare, Aljazeera, Laki, Dubad, Aw Ali, Galow.
The warning letter was signed by the Deputy Governor of the Central Bank of Somaliland, Abdirahman Mohamed Abdillahi noted that, “The central bank, based on its duty to stabilize our exchange market, protects the value of the Somaliland shilling ensuring that the community receives tangible exchange rates service provided, hereby gives a final warning to the hereunder named operators who have been repeatedly flouting the regulations especially on closing rates”.
It further cautioned them to immediately desist from the tendency or risk being subjected to appropriate measures taken upon them.
In the past the bank has deregistered several money changers from providing the services who indulged in similar inflations and excessive rates.