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Foreign Printed Currency Hits Somali Market

Somali businessmen are struggling hard to take the profit of the last chance of printing Somali notes before it is too late as the possibility for the establishment of a government and a lasting peace for Somalia increases with the ongoing conference for the Somalis in Djibouti.

According to sources, some Somali businessmen are printing new Somali bank notes in Jawa of Indonesia as their last chance to do so.

It is said that more than US $ 4 million worth of Somali bank notes is being printed under fake license and authority from non-existing Somali government.

Reports over the fake money printing scandal had earlier been published by the Thae Daily Kompas with Yohanes Mulyano, the manager of the Pt. Pura Baru Kudus company, being in the center of the disrepute.

According to sources close to the Somali businessmen in Jakarta, they are looking for US $ 220,000 pending to be paid before they can withdraw the last shipment from Pt. Pura Baru Kudus factory.

The sources said it has been part of the agreement between the Somali businessmen and the factory administration that the Somalis should pay half way the agreed money for the printing before the first shipment and the other half just before the last shipment.

The factory is printing a total amount of Somali bank notes worth of US $ 10 million to be delivered on three shipments.

The first two shipments of this Indonesian printed fake money had reached the Northeastern regions known as Puntland sky rocketing all prices of commodities and even the basic and locally produced food items.

The inflation rose high horribly decreasing the value of Somali Shilling. Before these two consignments and others from Mogadishu reach Bossaso (the largest town in the northeastern regions) the value of each U.S. dollar was 7500 Shillings, but it has been 10,000 Shillings against one dollar lately.

Nearly half million dollar worth of this fake money had reached Baidoa town hitting its markets and even propagating to the capital Mogadishu.

It is said that the fake shillings are all in 1000 notes wearing the red color more than the real ones and even far darker than the earlier printed notes by Hussein Aidid and his ally businessmen in Canada in 1996 and 1997.

 

 


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