Somalia is moving closer to reintroducing the Somali shilling after more than three decades of dollar reliance, as the government seeks to restore monetary sovereignty, rebuild confidence in the local currency and strengthen the conduct of monetary policy.
The Central Bank of Somalia (CBS) says preparations for the reintroduction of the Somali currency are at an advanced stage, with key work including reforms underpinning the proposed Currency Board Arrangement, amendments to the Central Bank of Somalia Act currently before Parliament and the Board’s approval of reserve management regulations.
