Somalia got the approval of the International Monetary Fund to roll in the first phase of the issue of new banknotes.
It involves the printing of 752.5 million of notes, with an estimated cost of USD41 million to replace the current forged or irregularly issued 1,000 shilling notes (SOS1,000.1).
In this phase new banknotes of 1,000 (SOS1,000.2), 2,000 (SOS2,000.1), 5,000 (SOS5,000.1) and 10,000 shillings (SOS10,000.1) will be issued. Larger denominations will be produced in the second phase.
Now Somalia must find donors to help pay for the project.
©2018 Monetary Research Research.
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