Somalia to print new banknotes for first time in 25 years

Somalia

Somalia will print new banknotes for the first time in 25 years, amid reports that majority of the banknotes that are currently in circulation in the Horn of Africa are fake.

The production of the new notes will be aided by the International Monetary Fund.

“About 98% of the currency circulating in the country is fake,” Samba Thiam, the IMF’s country head, is reported to have said in an interview earlier this month.

“The remaining 2% is currency printed during 1990-91, still circulating, but in very bad shape.”

The move was announced weeks after the country’s parliament and an upper house elected a new president, Mohamed Abdullahi Mohamed, in landmark election.

VOA reports that in February the governor of Somalia’s central bank, Bashir Issa Ali, said the new banknotes would include “good, reliable security features”.

“We have prepared all the issues and all the basic groundwork, and put in place the technical requirements,” he said.

It is believed the government would need around $60m (£49.5m) to be able to print new banknotes. “We expect the international community to assist us with that issue,” Ali continued.