Somalia is moving closer to restoring the Somali shilling after 35 years without issuing new domestic banknotes, as the East African country seeks to rebuild monetary sovereignty after decades of conflict and reliance on the US dollar.
The Central Bank of Somalia says preparations have reached an advanced stage.
Parliament is considering amendments for a proposed Currency Board Arrangement, while the bank finalises reserve-management and foreign-exchange regulations.
The reform comes as Somalia faces tighter international support and continued security pressure from al-Shabaab, adding urgency to efforts to strengthen domestic institutions.
Somalia moves to restore monetary sovereignty
