The Central Bank of Somaliland dismissed rumors that it planned to bring new bank notes at a time the country was still reeling under a variety of economic hurdles resulting from a spiraling inflation.
A statement the bank released to the media categorically denied that it had ordered new bank notes which included a 10 000 SlSh one. The highest denomination the country uses at present is SlShs 5000.
“Although the Bank is mandated to mint new currency to either replace old and worn out notes or replenish Bank vaults as need be, as is stipulated by Articles 33 and 37 of Law No. 54/2012, it has no intention at present to print fresh supplies,” the statement explained.
The statement revealed that the Bank, however, was planning to migrate from paper money to polymer bank notes presently used by countries such as Malaysia, Canada, Nigeria, Mauritania, Gambia, United Kingdom, Romania, Brunei and New Zealand.
“Polymer notes are lighter, cleaner, wear out slower, and have more enhanced security features than the paper money which Somaliland uses now,” the statement said, adding that printing polymer money is, however, more expensive and takes a relatively longer time to plan, design and print than its competitor.
The Statement, dated 14 August, 2018, is signed by Bank Governor Ali Ibrahim Jama “Baghdadi”.