Somalia Intends to Print Its Own Currency by Early Next Year
- Most local banknotes in circulation faked, central bank Says
- Investor trust in strife-torn country growing, governor says
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Somalia intends to print new official bank notes that will circulate alongside dollars in the Horn of Africa nation by early next year as the government seeks to replace counterfeit currency and promote commerce in an economy ravaged by civil war.
The International Monetary Fund is helping Somalia print and circulate the currency, Bashir Issa Ali, governor of Somalia’s central bank, said Friday in an interview in the Kenyan capital, Nairobi. Somali shillings currently in circulation aren’t printed by the federal government in Mogadishu and most are fake, Ali said. The new banknotes would be produced by “reputable companies,” he said.