Somali currency endangered

Abdul Rahman easy - KismayuFacing Somali currency real risks may lead to extinction due to a lack of circulation in the local markets, the center of a complete absence of the role of the central bank, which raises questions about the future of the Somali shilling and value against foreign currencies that began to sweep the local markets.Against regarded professor of economics at the University of Kismayo Mohamed Rachid mushy Somali currency going through the most serious stages ever since the birth of the modern Somali state in 1960.The head of the branch company entrusted remittances Abdoulie collector Hirsi described the use of the Somali shilling despite successive crises and wars experienced by the country miracle, pointing out that the theoretical estimates demonstrate the inevitable collapse.Mohamed Rachid said Somali traders dependence on the U.S. dollar by 90% in their dealings because of declining confidence in the Somali shilling.Turn head repentance Exchange Company Mohammad Gakad Somali currency scarcity in local markets, which is reflected negatively on the lives of citizens.He modern Gakad of the island revealed that class A Somali shillings from the currency is not the only group currently in circulation in the markets in southern areas as well as Puntland, while all disappeared from sight other paper categories.Abdoulie description continue Somali in الشن trading so far miracle (IRIN)Causes of the crisisDue financial analysts Somali crisis Somali currency to several factors, most notably the absence of relevant financial institutions, and the adoption of traders and hawala and communications on the dollar in their transactions, in addition to the use of entities various Somali currency U.S. going affairs either in tax collection or payment of salaries to employees.In exchange fell shilling the U.S. dollar strengthens its position in the market the bulk Ptoverh Somali result of multiple agencies that depend on it, which the Somali currency loses moral value and purchasing power.The Dean of the Faculty of Economics and Administrative Sciences at the University of Kismayo Abdul Razak Ismail maintained that the Somali currency lost important advantages, including the paper out most of the categories of non-class markets thousand shillings, and difficult to carry, in addition to the decline in exports Somali alarmingly, if not become non-existent.The value of the Somali shilling until now, the dollar is currently worth about 22 thousand shillings.Ismail warned that the situation threatens to Dollar replaces Somali currency if not rectify the matter by the responsible authorities in the country.Download Abdoulie Hassan Mosque chaos that plunging the country responsible crisis of the Somali currency, in addition to the absence of other services.He pointed out that the last new currency issued during the government of Abdullahi Yusuf, but it did not dispel fears about the fate of the Somali currency, due to the limited amount of print and lack of continuity.Abdoulie said the adoption rate of 80% of the Somali families to transfer their children residing in Europe, America and Arab countries.The Finance Minister of the Somali Transitional Government Abdel Nasser Mohammed Abdullah acknowledged the existence of the crisis afflicting the Somali currency, but it promised to solve this problem as soon as possible.The minister said in an interview to the media last month that the Somali Mogadishu began to print a new currency in Sudan. He pointed out that the government is waiting for the right time militarily and politically for the placing on the market.The Somali government is trying hard, but slowly recovered Somali shilling from under the rubble, but to achieve this depends on the end of the transitional period for the government and establish civil wars died down