Garowe, Somalia — Puntland Minister of Finance Farah Ali Shire held a press conference on Thursday to discuss the fluctuation in Shilling and announce a the continuation of the tax system, Radio Garowe reports.
The Somali Shilling has seen major movement in recent weeks although it has strengthened against the US dollar it has been unstable. The Somali Shilling which was trading Wednesday at 24,000 Shillings to 1 US dollar has hit 19,000 Shillings Thursday morning.
Puntland Minister of Finance Farah Ali Shire Photo(Garowe Online)
Minster Farah explained some of the reasons of the fluctuation recently. "There are a lot issues that need further studying but the fluctuation is partly due to lack of printing of new Shilling Somali and the increased GDP and living standards of the country. That has caused currency exchange traders to hold on to their Somali Shilling waiting to trade it for US dollar," said Minister Farah.
Minister Farah said that the service of Sahal which allows you to pay for items by using your mobile phone has attributed to the fluctuation in Shilling a point Minister of Commerce Hassan Farah Jama stated on Tuesday. "Sahal service has added to this fluctuation because of the use of US dollar over Somali Shilling," said Minister Farah.