Bashir Isse Ali, governor of Central Bank of Somalia has spoken out about new Somali Shilling counterfeit money printed in Puntland, which has poured in to the local markets.
The governor said this amounts to economic sabotage. “It is unfortunate that counterfeit money is printed in Puntland, which is a federal member state. This is economic sabotage and it can create inflation,” said Bashir.
He said the move is unacceptable especially at a time the government is investing in rebuilding the country and establishing law and order.
However the governor has noted that there are ongoing efforts to print new Somali Shilling with the help of international partners like IMF.
Somalia has not officially printed currency notes since 1991, necessitating the use of old defunct single note currency while scrupulous traders went ahead to print their own.
This has created room for the printing of new Somali Shilling to replace the old note.
The Central Bank has urged Puntland and others who might be involved to stop the exercise.