Hargeisa, Somaliland โ The Governor of Somaliland’s Central Bank, Dr. Cali Daahir, has today firmly dismissed recent reports alleging that the government has injected excessive amounts of Somaliland Shillings into the market. In a statement released today, Dr. Daahir labeled these claims as “baseless” and assured the public that no such action had taken place, stressing that the market remains stable and free from unnecessary cash flow.
In his address, Dr. Daahir also warned against politicizing the countryโs economy and currency, urging political figures to refrain from spreading false information. He highlighted the potential economic damage that misinformation could cause, urging all stakeholders to act responsibly in their public statements.
To stabilize the currency and address market fluctuations, Dr. Daahir, alongside the management of the Central Bank, has initiated meetings and inspections with key financial stakeholders, including the Somaliland Money Exchange Committee. These efforts aim to curb the ongoing volatility in exchange rates and ensure the strength of the Somaliland Shilling. As part of these discussions, the Central Bank outlined several measures to manage the currency’s value and maintain economic stability.
In a final warning, Dr. Daahir vowed legal action against those involved in illicit currency trading in Somalilandโs black market. “We will not tolerate any disruption to the country’s financial stability, and those responsible will face the full force of the law,” he stated.
The Central Bankโs proactive approach signals its commitment to maintaining economic stability and protecting the Somaliland Shilling amid regional and global financial challenges.