Counterfeit money printing by warlords and unscrupulous local businessmen is threatening to collapse Somalia’s struggling economy

[Admin]

 

Counterfeit money printing is threatening to collapse Somalia’s struggling economy as businessmen abandon the local currency for the dollar in almost all their transactions.

 

The country’s central bank, which was only formed in 2011 after decades of war, has said that the fake currency infiltrating circulation in the horn of Africa nation is hurting its effort to stabilize the Somali shilling against major currencies including the US dollar.

 

Somalia’s warlords and unscrupulous local businessmen are blamed for printing their own counterfeit shillings and increasing the number of fake currencies in circulation.

 

“There is counterfeit money in circulation and it’s a big concern. Within 24 hours it has reduced the value of the shilling (against the dollar) by 2,000. It will destabilize the shilling even further if its circulation continues,” Bashi Issa Ali, Somalia’s central bank governor told 

.

 

 

Source: http://afkinsider.com

http://www.somaliaonline.com/counterfeit-money-printing-by-warlords-and-unscrupulous-local-businessmen-is-threatening-to-collapse-somalias-struggling-economy/

[Tallaabo]

People should accept only the US dollar until the situation changes.