HARGEISA, Somaliland (HornPost) — The chairman of the Central Bank of Somaliland, Abdinasir Ahmed Hirsi, pledged to prioritize stabilizing the Somaliland shilling and addressing persistent inflation that has affected households and businesses across the territory.
Speaking at a ceremony marking his assumption of office, Hirsi said stabilizing the local currency would be among his administration’s first priorities, following years of significant depreciation.
He said the central bank would work with the Ministry of Finance and other relevant financial institutions to develop lasting measures to address inflation and strengthen the local currency.
“Our first priority will be to stabilize the Somaliland shilling, which has experienced a significant decline in recent years. We will work to find lasting solutions in cooperation with the Ministry of Finance and financial institutions operating in the country,” Hirsi said.
The newly appointed central bank chairman also warned against exploiting economically vulnerable members of the public through unfair currency exchange practices.
He said the bank would take legal action against individuals or businesses found to be taking advantage of poor communities and engaging in unlawful practices related to currency exchange.
Hirsi’s remarks came amid ongoing concerns over the purchasing power of the Somaliland shilling, rising living costs and the impact of inflation on households and businesses.
HornPost | Hargeisa, Somaliland
