Somalia Is Considering Dropping The Shilling For a New Currency

As countries on the African continent fashion ways of dealing with the global economic recession, Somalia is considering a more radical monetary policy by way of replacing it’s national currency, the Shilling, with a new one. Somalia has survived a period of intense civil war that lasted almost two decades, and the country is now looking to further ditch elements from its past, including the Shilling. The Governor of Somalia’s Central Bank gave strong indications about the creation and circulation of a new currency to replace the Shilling which is less used by a populace that has already embraced mobile money technology for transactions. Read more on Somalia’s new currency here Somalia central bank chief seeking to create new currency to replace shilling