The task-force committee set up by the government seeking a ways and means of addressing the inflation gripping the nation has come up with tentative measures that may nip it in the bud.
A six-point guideline resolution has been spelt out and the stake-holding main players in the economic market the have been directed to adhere to it in order to deal with the inflation.
These decisions are specifically directed to strengthening the use of local currency and facilitating the financing of small businesses.
This was stated in a statement issued by the inflation control committee, that reached our news desk.
The directives are as follows:
1. All business fraternity and organizations that provide various services such as educational schools, universities, electricity companies, medical facilities and those who sell goods are instructed to sell their services or goods in Somaliland Shillings.
2. All money changers, traders and companies that provide services to telephones, banks and financial institutions are instructed to follow the daily exchange rate issued by the Bank of Somaliland.
3. The companies that provide the services of sending money by phone and banks with electronic systems (Wafi, Dahab-plus, Pos and Premier Wallet etc.) can only send a sum of less than 100 US dollars.
4. Private banks are instructed to ease the facilitation the financing they provide, in order to open business and create jobs.
5. All private banks are instructed to open accounts based on SL Shs currency for the members of the public; with the directives taking effect not later than 25 November 2023.
6. Anyone who does not comply with the directives will be dealt with as according to the law.