Somalia to issue new banknotes

According to a Reuters report dated 29 March 2008, Somalia’s central bank plans to revamp the country’s currency because of a flood of fake notes printed by warlords and businessmen. Addressing donors meeting in neighbouring Kenya, the bank’s director general, Sharif Mohamed Hassan, said “greedy” individuals had pumped counterfeit cash into the market for years, driving the local unit to its lowest ever level. “The present situation of counterfeit money is catastrophic,” he said. “It’s a priority to provide the market with a stock of new banknotes with good security features. Of course this is not easy, as the fake notes are printed in many areas that are not properly controlled.” He said Somalia’s new notes would be produced by a “world renowned” money printer, but did not give a timetable.

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