Somali shilling
Worldwide use:
- Somalia
Description:
The Somali Shilling has risen in value against the US Dollar by over 60% and is amongst the strongest 175 currencies globally traded by Bloomberg, as a result of continued improvement in security and inward investment. Coins come in denominations of 1, 5, 10 and 50 Senti as well as 1, 5, 10, 20, 50 and 100 Shillings. Banknotes are available in 5, 10, 20, 50, 100, 500 and 1000 Shillings.
After the civil war of the 1990s, the Central Bank of Somalia shut down. The currency was devalued with $0.04 being equal to 1000 Shillings.
Origin:
The East African Shilling was introduced into the former British Somaliland Protectorate in 1921. After independence in 1962 the East African Shilling was replaced with the Somali Shilling at par. The same year the Banca Nazionale Somala (National Bank of Somalia) issued its first notes in denominations of 5, 10, 20 and 100 Shillings.
Component units:
- cents (100)
Date introduced:
- 1962
Central bank:
- Central Bank of Somalia
Printer:
Mint:
