Somalia Hasn’t Printed New Cash Since 1991. Now It’s a Central Bank’s Top Priority.

From bnnbloomberg.ca

The Central Bank of Somalia’s top priority is to reestablish the nation’s currency, which will enable it to take full control of monetary policy, its governor said. Somalia hasn’t printed new banknotes since descending into a civil war after the government collapsed in 1991. Most of the bills that were in circulation disappeared or became too worn out to use. They were replaced by US dollars or counterfeit notes, often printed or shipped in by warlords and businessmen in breakaway regions. In 2017, the International Monetary Fund estimated that 98% of the local currency circulating in the economy was fake. ... (full story)