Somalia shilling

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Somalia shilling
1000 schillings, banknote from 1996
Country: SomaliaSomalia Somalia
Subdivision: 100 centesimi / senti
ISO 4217 code : SOS
Abbreviation: SoSh
Exchange rate :
(29 Mar 2020)

1  EUR  = 658 SOS
1,000 SOS = 1,519 EUR

1  CHF  = 612 SOS
1,000 SOS = 1,633 CHF

Issuer : Somali Central Bank
5 centesimi coin, minted in 1967
5 Senti coin, minted in 1976
10 senti coin, minted in 1976
This article or section needs revision: Updates needed: The exchange rate has recovered massively. What are the reasons for this and what are the consequences?
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The Somali shilling or Somali shilling ( Somali shilin soomaali ; Arabic شلن) is the currency of Somalia . It is divided into 100 centesimi or senti . The ISO abbreviation of the currency is SOS , the (English) currency abbreviation So.Sh.

The coins, as well as the 5, 10, 20, 50 and 100 Schilling notes printed in the 1980s are practically worthless. For years only 1000 schillings have been in circulation, with the proportion of counterfeit money estimated by the International Monetary Fund at up to 98%. Payment transactions in Somalia are therefore often processed in foreign currency or, in recent years, increasingly via mobile payment . The dominant system is EVC Plus , a service provided by Somalia's leading mobile operator Hormuud .

50, 100 and 500 Schilling banknotes from the 1980s

  • 50 shillings banknote from Somalia (1987)

  • 100 shillings banknote from Somalia (1988)

  • 500 shillings banknote from Somalia (1989)

history

About two years after Somalia's independence, the Somali Central Bank issued the first banknotes in the new Somali shilling from December 15, 1962. Until then, the Somalo from the Italian trust area Somalia in the south and the East African shilling from the former British colonial area were still in circulation as means of payment .

After the beginning of the Somali civil war and the collapse of the Somali state system in 1991, various warlords had large quantities of 500 and 1000 shilling bills printed on their own, which caused the currency to collapse. In June 1990 you could get around 2000 schillings for one US dollar on the free market, in August 1991 already 7000 schillings and in 2002 up to 25,000 schillings. The exchange rate recovered to 13,400 by March 2006, but fell again to 30,000 shillings per dollar by May 2008.

Due to the chaotic currency situation, various foreign currencies are used as means of payment in Somalia. Mostly US dollars , but also euros and dirhams from the United Arab Emirates. In border regions one also encounters the currencies of neighboring countries: Ethiopian birr , Djibouti franc and Kenyan shilling . The Republic of Somaliland, which has been virtually independent since 1991, has introduced its own currency, the Somaliland shilling , which, however, was only able to establish itself as a means of payment in the region between Hargeysa and Berbera .

After the entry into force of a new federal constitution and successful elections, the Somali federal government is trying with growing success to rebuild the state institutions and systems that fell apart during the civil war. In this context, the central bank is expected to launch new, more difficult-to-counterfeit banknotes and coins in 2018. The Somali authorities are assisted by the International Monetary Fund in their efforts to prepare for currency reform.

Individual evidence

  1. ↑ a b Abdi Latif Dahir: Somalia is a leader in mobile money but still wants to print its first cash notes in 25 years . In: Quarz Africa , February 22, 2017, accessed March 3, 2018
  2. ^ Somalis Protest Food Prices for Second Straight Day. VOA News, May 6, 2008, archived from the original on May 16, 2008 ; accessed on June 26, 2012 (English): “The Somali currency has tumbled in value over the past year. One US dollar is currently worth about 30,000 Somali shillings. "
  3. ^ Somalia to print new banknotes in 25 years . In: Garowe Online , October 7, 2017, accessed March 3, 2018
  4. ↑ Six Things to Know About Somalia's Economy , In: IMF website , April 11, 2017, accessed March 3, 2018.

Web links

Commons : Money from Somalia  - Collection of pictures, videos and audio files