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Somaliland Banned the use of Somali Shillings in the City of Buro

May 25, 2011 · 2248324 Comments2011-05-25+21%3A43%3A44SomalilandPress

The Central of Bank of Somaliland stopped the use of the Somali shilling in its second largest city of Burco as the self-declared republic embraces to start blanket operation of its own currency by the end June this year.

The Governor of the Central Bank of Somaliland Abdi Dirir Abdi on Tuesday declared that the longstanding Somali shilling will no longer function as a means of currency in the markets of Burco and its surrounding environments.

The Bank official said they have so far collected about 20 billion Somali shilling which is equivalent to 10 billion Somaliland shilling that are meant to be withdrawn from the local markets of the entire Togdheer region.

“Starting from today we will be using the Somaliland currency in all our regions and towns. We will be using our currency to collect revenues and in other monetary payments” said the governor while addressing the local population of Burco

A few weeks ago the self-declared government of Somaliland had officially announced its plans to halt the use of Somali shilling indicating the emergence of a functioning government which is trying to control its own economy.

Authorities in Hargeisa have been engaged in an operation to wipe out the much valueless Somali currency from the province of Togdheer which local economist say is groaning under the weight of hard economic times.

The Central Bank of Somaliland is sending a message to its citizens in the affected region that they should start adapting their own currency said the governor. It is believed that the changing of currency was part of pre-election pledges of the current authority of Ahmed Silanyo who has promised to marshal widespread economic reforms in a region that is yet to be recognized by the international community.

Earlier in April Somaliland’s Central Bank began exchanging 7 billion Somali shillings ($4.37 million) of notes for its own currency as part of a plan to stop using the original Somali currency.

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The Somaliland shilling was introduced in October 1994. And by the end of 2008, the breakaway region’s currency was valued at 7,500 per dollar. The Somali shilling is currently valued at 1,601 against the U.S. currency according to Bakara market data.

Somaliland lawmakers are expected to enact a draft banking law in few days time in order to enable commercial lenders to extend credit to borrowers for the first time in the region’s history.

Somaliland is a former British colony which declared independence in 1991, following the ouster of former Somali dictator Mohammed Siad Barre.

Source:Hiiraan.com

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By SomalilandPress

Tags: Somaliland Currency, Somaliland Shiiilin

Faisal says:

The Somali shilling is 1,601 against the U.S. currency ….hahahaha good one Hiiraan…. by the way who regulates it? Al-shabas!!!….last time I checked there was not a functioning central bank in somalia…..

4:16 pm on May 25, 2011

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mohamed says:

Now that Togdheer switches to Somaliland currency what abour Sanaag and Sool regions?
Cheers.

10:12 pm on May 25, 2011

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mohamed says:

Now that Togdheer switches to Somaliland currency what about Sanaag and Sool?
Cheers.

10:14 pm on May 25, 2011

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- s abdi says:
  
  dont worry you dont need to do that in most of sool and sanaag their part of puntland
  
  5:26 am on May 26, 2011
  
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  - warya says:
    
    WOW someone failed geography loool
    
    1:40 am on May 28, 2011
    
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ali says:

If Somali shilling is banned in togdheer somaliland the government should be ready the demand of somaliland shillings in the regions of sool and sanaag because these two regions are heavily connected to togdheer in term of trade

10:31 pm on May 25, 2011

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Jay says:

Somali shilling is just useless toilet paper. Somaliland shilling that isnt recognize has twice more value.

1:39 am on May 26, 2011

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- s abdi says:
  
  NOT it doesnt you stupeid person somali shilling has way more value.
  
  5:28 am on May 26, 2011
  
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  - Naliye says:
    
    according to whom my friend
    
    1:54 am on May 28, 2011
    
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Mustapha says:

Last time I was in somaliland, Somaliland shilling was 4X stronger than the somali shilling? Dd something change??

2:17 am on May 26, 2011

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- Naliye says:
  
  your probably not from burao, the money being used in burao was local to burao only it wasn't even used in sool and sanaag , it was Somali shilin 100's and 50's bill that were prinited in the eighties, that somali shilin was almost half the Somaliland shilin in value, the somali shiling used east of burao all the way down to mogadhisho is 1000's somali shilings printed 1991 and after that money had way less value because it was being printed in puntland on A4 papers so 50'000 somali shilings 1000's was exchanged to 7000 somali shilings 50's and 100's.
  
  2:03 am on May 28, 2011
  
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sharmarke says:

The contrasts are too big now. This is a big sign to the Somali government. They have absolutely nothing to say in Somaliland and its time for them to accept Sland as an independent state.
Salaam

3:30 am on May 26, 2011

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sharmarke says:

The contrasts are too big now. The Somali government has absolutely nothing to say in Somaliland and its time for them to accept Sland as an independent state.
Salaam

3:32 am on May 26, 2011

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- Sharmarke says:
  
  when you somaliland i hope your not talking about the harti (darod) regions, because where not part of this thing of the isaaq let me clarify it to you
  
  5:30 am on May 26, 2011
  
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mohamed says:

Not to worry Togdheer is the 2nd Capital and has direct bearings on Sool and Sanaag regions.
Am optimistic that the Central Govt. will soon extend the Somaliland currency to fully operate in
Sool and Sanaag. It's just only a matter of time soon.
Cheers.

5:46 am on May 26, 2011

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amal says:

sharmake let me clarify that somaliland is not about tripe and not about issaq….sol and sanag are by boarder part of somaliland and is not only darod who lives that region there is also issaq (mainly habar jeclo)……….and yes somaliland shillin is stronger than somali shillin dnt ask me y but thats the fact apparently as i've used both in burco last year. do you see somalilanders saying issaq issaq no they r saying somaliland somaliland. people from the south needs to stop with this extreme hate and i knw most of it is to do with emotion

9:26 am on May 26, 2011

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amal says:

I know for fact that if somlaliland gets recognition they will do whatever they can to support their brothers and sisters in the south,but Somaliland dnt want to lose their country again….they had their independance from the British in 1960 and they have sacrificed this recognition for the love of somalinimo and for the love of greater Somalia but if that doesn't work then it is their choice to back off fom the unity….and somaliland has always had several tripe and it is a pity that now haters are labeling them as issaqs and using propaganda to stir things. we need to stop this backward thinking of tripe tripe. Peace and prosperity to all somali ethnics. Somalilander is our nationality but we are all somalis whether we are from ogadenia, j=djabuti, somaliland, or somalia

9:38 am on May 26, 2011

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A A says:

what a looting the poor in Burco is in for shock. exchanging somali shiling that is used not only in somalia but Ethiopia and Kenya with new printed SL shiling is pretty day light robery it has nothing to do with what you think? Have you asked what they going to do the Somali shiling? sure take to the south and invest or exchange to USD, simple profit for nothing while most of you will be stuck fast declining SL shilling as you cannot use anywhere else.

Burco livestock market is supported by south Somalia livestock that uses only Somali shlling or USD if you don't have the currency to exchange what are you going to do?

Stay tuned biggest robery in Somalia History!! bunch of deluded you are in for shock.

10:33 am on May 26, 2011

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- Mustapha C says:
  
  dont know what u been smoking, but frankly speaking the somali shilling is valued less than the fibre it's made of. and th gimbaar(50 and 100 somali shillings) is not used anywhere els.
  
  5:21 am on May 27, 2011
  
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Saleebaan Xaaji says:

Somali shilling was always a joke. At least the Somaliland currency is based on a functioning economy, the Somali shilling is based on the piracy and terrorism market.

9:57 pm on May 26, 2011

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Jama says:

These people are ridiculous, do any of you promoting this know how much it cost to go through all these procedures. This money could definitely be used for more beneficial things. Its amazing how much they want to break off. Although I am not against it, Djibouti is separate and they are basically somali. However, right about now the whole Somalia region is in turmoil. I would really advise they people to help all the poor people instead of trying to grab a bit of land through this turmoil and later just ride the wave. Why don't they build a hospital? Why don't they build better schools? Why don't they do thousands of other things which would much more benefit the region and also give them a lot more of a higher reputation.

If they actually managed to do something of GREAT benefit then i'd vote them to control the whole of Somalia. All that means is a name change but then there would be people who actually care for the people in power. Instead of trying to jab at each other ''Somalia this and Somaliand that'' Clearly they are both inhabited by Somali people, so maybe we should work together.

OH AND BTW… You people (either anti-somalia or anti-somaliland) lets just say hypothetically both countries were separated then they both flourished. Do you really believe there would be a border between the two, they would be in essence ONE country. It would all just be an indicator of history (Like tribal affiliations are meant to be) but you never know look where the tribal affiliations got us.

If I said anything wrong please forgive me. Oh and inform me. Thanks.

3:11 pm on May 31, 2011

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- middlepath says:
  
  I suppose you've ben asleep the whole time then, the whole 20 year sos Somaliland's idependence. The schools, universities and hospitals built? Even for those regions where anti-peace elements were hiding in. Unaware?
  
  6:23 pm on June 12, 2011
  
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m.ali says:

to the readers I want to corect what had been reported. Somaliland had never been a british colony, it was a protected by British, thats wahy was called brtish protected somaliland. There was agreement signed by our forefathers in inteernational waters around 1800 on the british to protect them from foreign invaders and other powers. They also educated our leaders in UK universities unlike in italian somaliland. The first graduate nurse from Uk was Edna, the lady who built the maternity hospital in hargeisa.

1:59 pm on June 7, 2011

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middlepath says:

I don't think it would make sense to give Somali shillings to those refugees in Somaliland becuaes they will not be able to use it after this change, secondly, it will cause confusion in the market I suppose. Not sure, youd have to ask Government Officials.

6:25 pm on June 12, 2011

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