Government and businessmen are cooperating to raise the value of the shilling
Hargeisa (Somaliland Monitor)- Mr. Ali Mohamed Ahmed Assistant Minister for Finance announced the restriction of Somaliland Shilling deposited in the Central Bank, as part of the effort to fight devaluation of the shilling and fixing of the exchange rate of the dollar.
“In a meeting between the Committee to raise the value of the Somaliland Shilling and businessmen at the presidency, we have agreed to release the dollar to the free market. The restriction of the deposit of the Somaliland Shilling by businessmen was reached after the businessmen agreed their cooperation, support and readiness to raise the value of the shilling. We also agreed on a plan on using the shilling and reviving the confidence of the people in using their local currency.”
The Assistant Minister for Finance added that the government have decreased its expenditure of the shillings with the exception of salaries and essential cash.
He added that the government is aware that black market has begun, in the exchange rate and that the rate of the dollar on Tuesday was 7,500 instead of fixed rate of 7,000 shillings.
“The exchange rate was almost 9,000 shillings to the dollar, when we fixed the rate. This is due to the cooperation of the businessmen and as such I am confident that the gap will be covered soon.” Said the Assistant Minister.
Chairman of the Chamber of Commerce Mr. Mohamed Shukri said, “Local businessmen are ready to work and cooperate with the government in raising the value of the shilling. Businessmen and the government are inter-dependent. Currently the country has no natural resources to export. Businessmen love their country and they are aware that they are the most vulnerable if things go out of hand.”
Source: The Republican