Bosaso Livestock Traders Call for a Rethink on Dollarisation Policy

[Deeq A.]

Bosaso (PP News Desk) — Livestock traders and brokers at Bosaso livestock market have called on Puntland President Said Abdullahi Deni to reconsider the policy to collect import-export duties in US dollars.

Trading at the city’s livestock market remains suspended for the second day. “Traders are demanding dollars for transactions. People who were able to buy meat in Somali shillings can no longer do it” said a livestock broker at the market.

Trading at Bosaso livestock market remains suspended for the second day.

Businesses throughout Puntland have fully switched to dollar-based transactions. This trend has been the unintended result of the partial dollarisation policy recommended by a committee appointed to come up with strategies to tackle the exchange rate- driven inflation in Puntland.

“Mr President you have to think of the poor people who don’t have hard currency to buy food and vegetables” said a middle-aged man who pleaded with Puntland President to reconsider the dollarisation policy.

“We have been weighed down by more dependency on the US dollar for transactions in Puntland at the expense of the Somali shilling. 70% of our business depends on Somalis, who use Somali shillings” said a livestock trader at the market.

On Monday, Puntland President issued a decree instructing Puntland customs centres to collect import-export-duties only in US dollars

© Puntland Post, 2020

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