MOGADISHU, Jan. 25 (Xinhua) -- Somalia plans to introduce new banknotes in mid-2024 to mop out counterfeit bills, reduce excess cash in circulation, and address inflation, the country's central bank said.
Ali Yasin Wardhere, deputy governor of the Central Bank of Somalia, told Xinhua in a recent interview in the capital Mogadishu that the new notes will be in the denominations of 1,000, 2,000, 5,000, and up to 10,000 shillings.
"The process commenced back in 2018 with the support of the International Monetary Fund and the World Bank. The partners assisted in setting up the facilities and training the staff to enhance their capacity to handle any illegal menace like counterfeit," Wardhere said.
The highest denomination currency in the country at the moment is the 1,000 shillings which have undergone wear and tear, and are vulnerable to forgery, Wardhere said.
He added that old notes will be demonetized before introducing the new currency into the market by either June or July 2024.