Somalia: Puntland MPs pledge action on complaints over currency crisis

GAROWE, Somalia-Puntland MPs for the first time have promised to investigate factors behind the rapidly deteriorating value of Somali shilling as protests continue across the northeastern State, Garowe Online reports. 

On Wednesday, hundreds of protestors took to the streets in the State’s most populous city, Bossaso, calling for immediate intervention in one of the severest devaluations yet of already conflict-battered Somali currency.  

Hundreds hit hard by escalating prices of commodities Monday rallied in front of Puntlandparliament, hoisting banners that read:

“Tackle commodity price hikes from currency devaluation,” before being dispersed by police.   

Lawmaker Mohamed Mohamud Farah said in an interview with Puntland-based independent station Radio Garowe, they will be investigating the matter. 

The Chairman of Parliamentary Sub-Committee on Commerce, Mohamud Dhere on his side unveiled that there will be an action on currency devaluation once the inquiries are concluded.

 In September 2015, Puntland government began printing new paper notes at a cash factory in Bossaso port city in a bid to pay to disgruntled civil servants and security forces. 

Somalia Central Bank, the country’s highest monetary authority, which analysts say appears to be unable to regulate the flow of money in circulation, at the time criticized Puntland for contributing further to economic instability.

GAROWEONLINE