Somalia set to print banknotes for the first time in 25 years

After decades of turmoil, the east-African country of Somalia is finding itself in a relatively stable position. Successful elections brought in a new government, and now the country has plans to resume printing banknotes after many years of being buoyed by donors and other world organizations. Interestingly enough, mobile money is the dominant form of currency, with 37 percent of the population paying bills, buying goods, and transfer money through e-payments. Before the government begins printing new notes though, it wants to make sure it can maintain trust with known international financial institutions to make sure corruption doesn’t inflate the new currency. As for now, Somalia will continue with the transparent system of mobile money.

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Somalia set to print banknotes for the first time in 25 years

After decades of turmoil, the east-African country of Somalia is finding itself in a relatively stable position. Successful elections brought in a new government, and now the country has plans to resume printing banknotes after many years of being buoyed by donors and other world organizations. Interestingly enough, mobile money is the dominant form of currency, with 37 percent of the population paying bills, buying goods, and transfer money through e-payments. Before the government begins printing new notes though, it wants to make sure it can maintain trust with known international financial institutions to make sure corruption doesn’t inflate the new currency. As for now, Somalia will continue with the transparent system of mobile money.

Solution News Source

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