By M.A. Egge
The new Governor of the Central Bank of the Republic of Somaliland, Mr. Abdinasir Ahmed Hirsi, said that the first step they are taking is to stabilize the Somaliland Shilling, which has experienced a significant decline in recent years.
The Governor also noted that they are looking for a lasting solution to the spiraling inflation that has affected various sectors of Somaliland society, adding that they will collaborate with the Ministry of Financial Development and institutions that handle the provision of financial services.
The Governor said this while taking over from the former Governor of the Central Bank of Somaliland over the week.
He said. “We promise that the first task we will undertake is to stabilize the devaluation of our shilling, and we will seek a solution, in collaboration with the Ministry of Finance, and the national financial institutions operating in the country,”
On the other hand, the governor warned against taking advantage of the poor, and stated that they will take action against anyone who indulges in it.
He said. “We will take legal action against anyone who tries to take advantage of the exchange rate and put the poor in trouble, and we will continue the ongoing banking reforms.”