The Somaliland House of Representatives has voiced apprehension regarding recent revelations indicating the government’s intent to print new currency notes denominations of 500, 1000, 5000, and 10,000 Somaliland shillings, despite prior official denials.
The Finance Committee, spearheading the initiative, has issued a call to the Central Bank Governor, urging him to desist from any unilateral decision to print new notes without the explicit approval of the House. The House possesses the authority to endorse or reject the introduction of new currencies into circulation as reported by the committee.
In an official statement released by the committee, it was affirmed that the House had not received any formal request or design proposal from the government concerning the printing of the contentious currency notes since the current members were elected two years ago.
The committee, upon receiving credible information and evidence substantiating the administration’s plans, sternly warned the government. According to the statement, the House of Representatives emphasized that any currency printed without its approval would be deemed illegal tender, underscoring the critical importance of House approval in this matter.
By xamse
October 22, 2023
