By M.A. Egge
The Standing Committee of the Senate of the Republic of Somaliland, the GUURTI, on Tuesday consulted the officials of the Somaliland Exchange Association on the instability of foreign exchange rates and associated pros and cons and the roles the play as money changers.
The meeting was held at the premises of the senate headed by the acting chairman of the standing committee of the council, Hon. Jirde Saeed Muhammed.
The chairman of the Somaliland Exchangers’ Association, Barkhad Omar Ofiye, informed the members of the standing committee about the situation of the Somaliland market and the different levels of the Somaliland exchange today.
Attributions were made to the economic downtrend afflicting the country as a boomerang of the larger picture of the global upheaval trends.
They noted that the past five years or so witnessed a stable exchange rate and also dependable.
Mr. ofiye pointed fingers at economic collapses at various parts of the world.
He noted that immediately after the COVID 19 epidemic, the inferno at Waheen market compounded the situation.