The International Monetary Fund (IMF) has strongly advised Somalia to exercise extreme due diligence as it moves forward with its currency reforms seeking to reintroduce the Somali shilling after 35 years of dollarisation.
Decades after the collapse of the formal banking system in 1991, the Central Bank of Somalia (CBS) is preparing to reintroduce the new banknotes to replace the current web of counterfeit paper bills and dollarised mobile money. The currency reform programme will reintroduce the Somali shilling (SOS) as a legal tender by replacing the old and mostly counterfeit notes in circulation. This is expected to restore the credibility of the national currency, promote financial inclusion for the most vulnerable populations that have limited access to formal financial services.
