Report: Somalia to Fight Inflation and Counterfeiters With New Banknotes

Report: Somalia to Fight Inflation and Counterfeiters With New Banknotes


According to the deputy governor of the Somalian central bank, Ali Yasin Wardheere, the institution plans to fight inflation and currency counterfeiters with newly issued shilling banknotes. The bank reportedly said it hopes to complete the process of replacing old and high-value shilling bills with newly designed banknotes in 2024.

Preserving the Value of New Money

The Central Bank of Somalia (CBS) plans to replace old, high-value shilling bills that have been in circulation since 1991 with redesigned banknotes. The central bank hopes this process, which it expects to complete by 2024, will help the war-torn country fight inflation as well as undercut counterfeit currency dealers, a report said.

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In his remarks during an interview with Bloomberg, Ali Yasin Wardheere, the deputy governor at

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