12/22/2024

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Anna-waa-i-kan @ 9/5/2008 7:22 AM EST

Emotional. Judgmental. Biased (if not biased, then it is very shallow). These mean weak academics. Words such as "fool", "morons", "immoral", "worst", "disgusting", or "wild" all DISCREDIT this paper.

mercano @ 11/8/2006 4:31 PM EST

Many still use the 500 shillings, counterfeit or real matters least to them as cost of living in Somalia is blessedly and extremely low. I had to purchase 2 coconuts minimum, instead of one, as the smallest Somali bill is 500 shillings. Thus, purchasing 500 SoSh for 2 coconuts. That was in Captain Laas, where the road from Marka and Shalambot Tees to Janaalle and Golweyn. If you do your math at today's exchange rate, that is equivalent to $0.03USD. To use US currency in Somalia would require lots of US pennies that one needs to source for and the logistics would certainly not worth. You still have the issue that our other brothers pointed out, i.e., a genuine and fair strategy and schedule to phase out the current Somali Shilling and replace with a new and convincing currency. As for new currencies, one can make suggestions, but who will purchase the existing bills, of course all counterfeit and non-pegged or backed? I would suggest that the subject authority mint coins with real value such as silver, gold, etc,; of course its value must be slightly higher to avoid .... and allow market flactuation. This would be the only thing that would assure the Somali consumer and the subject authority a genuine value. The initial steps should, as some of my brothers and/or sisters noted to stop the flow of newly printed Somali Shillings. In Bosaaso 400,000 USD equivillant of Somali Shillings is printed daily on an A4 papper off of a color printing photo copy machine, and it is the government of Puntland that does it so and distributes it across the already troubled and exhausted nation. However, in my opinion, as you can see from my example, Introducing US dollars as a substitute to the probably poorest nation on our planet is far from a practical solution. Nevertheless, I salute and thank my brother for his effort in posting this.
Mercano

ajay @ 11/5/2006 8:59 PM EST

when i was reading the first paragraph of the article i was thinking of the same solution that ali suggested but i don't think changing the currency to US dollar is the best solution, outlawing the Somali currency till we have a central bank might be a good idea. If the currency is changed to US dollar poor people won't be able to survive they won't be people to get hold of the money since the supply of the US dollar will not be the same as the Somali currency, and let's the influence that it might bring to our country which at this poin doesn't need any outside influence.

seyd shariff @ 11/4/2006 11:17 PM EST

In actual fact this the hardest decission that the Islamic court can come up with.
The value of money depends on the confidence that the people using it have in the currency, otherwise it is not worth the paper it is printed on.
The best the should have done was to outlaw the new currency in the area that they control and educate the public, after all it is the poor herdman who will suffer.
This will undermine the legality and the onfidence that the people have in it.
Since this bussiness had been going on so long,any sudden change will the unintended consequence of affecting the poor illiterate hardworking people.
The bussiness community and the landlords will never lose as they will either have dollar reserves or goods or which they will demand foreign currency.
Therefore education and practical steps ,conscientious implemented will do the job, otherwise print also Ethiopian Birr, why not if they are doing this through their surrogate landlords.
May the almighty Allah help the somali people

seyd shariff @ 11/4/2006 11:13 PM EST

outlaw the new currency to undermine it legitimacy, and shake people confidence.

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