Anti Inflation Protests Bring Puntland Capital To A Standstill

The impact of the currency depreciation is made worse by the decision of businesses not to accept the Somali shilling for transactions.

Shops and other retail outlets in Garowe remain closed.

The business community has accused the Puntland Government of collecting taxes only in dollars, a decision, they allege, that forced them to use only the dollar for transactions.

“I have 50 million Somali shillings I earned but I cannot buy anything because the Somali shilling is worthless in the eyes of businesses in Garowe” a mason told the Puntland Post.

Two weeks ago the Puntland Government Committee tasked with recommending solutions to the currency depreciation and inflation published guidelines in vain for business about the use of the Somali shilling in transactions.

The Puntland Government has yet to open currency exchange centres where citizens can buy dollars, as recommended by the Committee.

Recently, President Said Abdullahi Deni said his Government was aware that money changers buy dollars and do not sell dollars in exchange for the Somali shilling.

This article first appeared in the © Puntland Post, 2020 and is republished with permission.