19 May 2007 04:15

SOMALIA WATCH

 
SW News
  • Title: [SW News](BBC) Pro-Arta Businessmen Cause Havoc to the Somali Shilling 
  • Posted by/on:[AMJ][Wednsday, November 29, 2000]

  

Somali Currency Slides Against Dollar
 
 
Wednesday, 29 November, 2000, 14:51 GMT

The Somali currency, the shilling, has fallen to its lowest level against the United States dollar since 1992.

At the main business centre in Mogadishu, Bakara market, the currency was trading today at more than thirteen thousand to the dollar.

The slide is attributed to newly-printed fake shilling notes which have been pouring on to the market.

Many large traders have started selling their goods in dollars rather than shillings, causing serious damage to small businesses.

The new government in Somalia has condemned the fake currency, but a BBC correspondent in Somalia says it also depends on the money from the businessmen who have printed the counterfeit notes.

From the newsroom of the BBC World Service

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