Somalia - Money

The Somali shilling is the currency issued by the government prior to 1991. It has depreciated sharply since then: in 1989 the rate was SH252 to US$1, and by 1999 the rate was SH2,600 to US$1. It is most surprising that the currency is still in circulation at all as, until 2000, there has been no government to enforce the currency as legal tender (the acceptance of the currency in making payments). U.S. dollars are widely used for anything other than small transactions.

Exchange rates: Somalia
Somali shillings per US$1
Nov 2000 11,000
Jan 1999 2,620
Nov 1997 7,500
Jan 1996 7,000
Jan 1995 5,000
Jul 1993 2,616
Note: The Republic of Somaliland, a self-declared independent country notrecognized by any foreign government, issues its own currency, the Somaliland shilling.
SOURCE: CIA World Factbook 2001 [ONLINE].

GDP per Capita (US$)
Country 1996 1997 1998 1999 2000
Somalia 600 N/A 600 600 600
United States 28,600 30,200 31,500 33,900 36,200
Dem. Rep. of Congo 400 N/A 710 710 600
Ethiopia N/A 530 560 560 600
Note: Data are estimates.
SOURCE: Handbook of the Nations , 17th,18th, 19th and 20theditions for 1996, 1997, 1998 and 1999 data; CIA World Factbook 2001 [Online] for 2000 data.

The self-declared Republic of Somaliland started issuing its own currency, the Somaliland shilling (SoSh), in January 1995, which was set at SoSh80 to US$1.

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May 2, 2011 @ 12:12 pm
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