Cabinet warns against currency printing as counterfeit notes reported in Puntland

The government has for the first time spoken about allegations of fake currencies in the country warning of risks to the economy and destabilisaton of the markets.

During a cabinet meeting yesterday, Finance Minister Mohamed Adan Fargeti affirmed that the printing of false monies is on the increase in the country in general, and that it has had a negative impact on livestock owners in the rural areas.

“The falsified currency is used when buying livestock from them and in return when they attempt to use the same currency for their needs it is rejected as falsified monies,” said

The cabinet response comes after reports from the semi autonomous region of Puntland emerged that the regional government was printing fake notes to offset salaries for its soldiers and civil servants.

The cabinet did not however point accusations to the Puntland administration but warned against the use of the currency.

The Central Bank Governor Bashir Isse Ali last week warned against serious inflation should the fake currency flood the market.

“Counterfeit money will spur economic problems, unethical acts and wrongdoings,” said Ali.

In a related development, the cabinet yesterday called for immediate and unconditional ceasefire in Abudwaaq, Galmudug following emerging conflict in the area that has claimed lives.

The cabinet reiterated its support for the Interim Regional State of Galmudug and declared it will put its efforts to resolve the conflict.

 

 

 

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