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Somalia gripped by inflation, high prices
PressTV
Tuesday, March 12, 2013

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For many people in Somalia, life is proving to be much more difficult each day as inflation rates continue to soar in the war-torn Horn of Africa nation. The Somali shilling has lately lost value against the dollar.

According to analysts, influx of foreign currency and especially the dollar circulating in Somalia is partly to blame for the financial woes.

The inflation has angered a wide section of the Somali public who blame the government for the financial crisis. They now hope that the government will address this issue immediately.

The inflation has not only angered the locals. Mogadishu Mayor Mohamud Ahmed Nur Tarsan came out strongly to also criticize the Somali business community for the inflation.

Analysts however say that the only solution to the current inflation is a government controlled money exchange system.

Authorities in Somalia however say they are developing a strategy to fight the inflation that has gripped the country. Most recently, Somali president Hassan Sheikh Mohamud has called on the international community to help proving food to the vulnerable.

Analysts say that the government in Mogadishu lacks financial regulation. Now, inflation has affected the whole nation. Somalis now are calling on the federal government to solve the problem once and for all.

 





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