Every sovereign country in the world uses its own currency as a distinct mark of its Sovereignty thence Somaliland should be likewise.
Internationally both governments and the public protect their currency at all costs so should the people and government of Somaliland do likewise.
This writer is a citizen of Somaliland addressing his opinion to the president, both chambers of parliament and the central bank not in criticism but a suggestion on our currency
Your excellency the President, national councils and the people of the Republic of Somaliland in general, we need to protect our currency which is national symbol thus enhance the use and care in cognize that it is the official legal tender
To the President, the National legislative Councils and the Central Bank authorities, it is your duty to educate the public more so business concerns to utilize Somaliland Shilling as the only legal tender in the country as opposed to prevalent norms in which the USD runs supreme.
To illuminate the diminishing status of our own currency, 80% of transactions in the country utilize the USD which can directly be translated as lack of understanding within the public on the economic and political impacts that this tendency bears on this nation’s sovereignty now and in the near future.
The economic collapse and that of the government of Somaliland, Allah Forbid, which is pursued by many, shall have a profound effect on us. So while the independence of Somaliland is undermined by the country’s enemies through an open and secret war, I say to the President, the enemy of Somaliland is engaged in a cold war of destroying the unity of the people, so you should put mechanisms at work within Council of the Cabinet and the House of Representatives’ Finance Committee towards review of the laws related to our legal tender.
Provisions within this review should concentrate on legal parameters put in place by the immediate past administration of President Ahmed M Silanyo as pertains Electronic banking laws that facilitated the prominence of Zaad and e-dahab mobile money services predominance over the Somaliland shilling.
The strategy of legalizing electronic money services utilized by your predecessor towards tackling inflation in the country has failed for a reduction in the rate of foreign to local currency exchange failed while your administration’s endeavors have seen a significant improvement in the Somaliland shilling vis ‘a’ vis the USD.
Your Excellency President Muse Bihi it is therefore imperative that the electronic money law be reviewed for it shall enhance the gains made so far in reducing inflation in the country as well as establishing our currency as the only legal tender.
Hopefully Mr. President this suggestion shall be viewed not as criticism but as a constructive suggestion geared towards tackling inflation and to a larger extend enhancing our economic growth.
By: Mawlid Adan Omar