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Somali Shilling Gains Value As New Dollar Flows Into Somalia Market
Somali News

Somali Shilling Gains Value As New Dollar Flows Into Somalia Market

Analyst Point At Campaign Money Flow The Somali Shillin has gained value against the dollar in what financial experts say is a steady flow of new dollar into the Somali market in the last one week. On Friday the Somali Shillin was exchanging at Sh Som 16000 for $1 compared to last week where the exchange rate was at 22300 against the dollar. Radio Dalsan has learnt that an estimated $20M was used in the presidential campaigns that included bribes for Mps ranging from $30000 to $70000. This overflow of the dollar into the market made the Somali Shillin stronger "The dollar is everywhere since the campaigns. There is around 20 million dollars circulating around Mogadishu alone" Mohamed Ilkaase an finacial pundit told Radio Dalsan. The Somalia Shillin is mainly used by the lower tire of the society "Prices of food sugar oil and other goods is still the same. So the lower class of the society will still be affected" Mohamed a trader at Mogadishu's largest market Baakara told Radio Dalsan. The mobile phone remmitance service EVC provided by teleccomunication company Hormuudhas become the most common form of sending money or buying goods and it too has had to adjust to the recent flow of dollar in the Somali market