By M.A. Egge
The Central Bank of the Republic of Somaliland has organized a meeting to discuss with its stakeholders to put in check exchange rates hence deal with inflation.
The promotion of the use of the Somaliland shilling was high on the agenda.
Financial institutions and the Association of Money Changers of the country were in attendance.
The Governor of the Central Bank Dr. Ali Dahir Abdillahi called on the people to use their country’s currency more to promote its integrity.
He also told all companies that provide services to prioritize the receiving of the local currency while sustaining its use such that it may not be undermined.
He similarly reminded the use of Somaliland shillings in all purchases that are less than one hundred USD as fixated in the local electronic cash uses, a measure that had already put in check inflation remarkably.
The governor sent a strong warning to wayward money launderers whom he termed as ‘fleecers’ that their days are numbered and they would be dealt with if they do not refrain from such ill-practices forthwith.
On the other hand, the Minister of Finance of Somaliland Hon. Sa’ad Ali Shire and the chairman of the Somaliland Money Changers Association, Wadajir, who also addressed the meeting, concurred in the promotion of sustainable use of the local currency in favour of the hard ones in order to put in check inflation countrywide.
They also pondered on ways and means of combating the wayward money changers who fleece the economy by undermining the pegged rates.