In Somalia will print new banknotes for the first time in a quarter century

The international monetary Fund has supported the initiative of the Central Bank of Somalia to begin production of the new banknotes to replace the old, Interfax reported.

According to the Foundation’s representative in Somalia, Samba Thiam, the last time the banknotes were printed in 1990-1991, and they account for only 2% cash.

“About 98% of the banknotes are fake,” he said, speaking at a press conference in Nairobi.

The issue of new banknotes is designed to return control of the Central Bank of Somalia over the monetary policy of the country and is one of the conditions for the start of negotiations on the cancellation of debt in the amount of 5.3 billion dollars.

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