In a statement for the media Puntland President Said Abdullahi Deni declared that 10% of import-export duties will be collected in Somali Shilling.
President Deni justified the volte face as a response to complaints from importers and exporters.
The earlier policy prompted businesses to accept only the US dollar for transactions, sparking protests in Bosaso, Garowe and Galka’yo.
“Experts we have consulted point to the predominant use of the mobile money as the cause of Somali shilling depreciation. The decision to use not less than one dollar for mobile money transactions has been reversed because it contributes to depreciation of the Somali shilling. From tomorrow, ten dollars or more will have to be used for mobile money transactions” said President Deni.
Puntland President commended mobile money platforms such as Golis and Telesom for following instructions from the Government regarding the minimum amount of dollars for transactions, and the inclusion of the Somali shilling in the Golis e-wallet.
Puntland authorities have failed to enforce recommendations from a committee formed by the Government.
SIDRA, a Garowe-based think tank, urged the Federal Government of Somalia to help Puntland deal with the impact of the currency depreciation.
This article first appeared in the © Puntland Post, 2020 and is republished with permission