Country Information

 

The situation of the currency in Somalia is unknown, but as in Afghanistan, banknotes of the old issue of 5, 10, 20, 50, 100, 500 and 1000 shilling are probably being produced without honouring the serial numbers. Whether or not coins are used in practice is also unknown. For example, 10 shilling coin is only available as commemorative coin. Other regional currencies as well as the U.S Dollar and Euro circulate as well.

In the south, only the 1000 shilin note remains in circulation today. All other denominations, such as the 20, 50, 100, 500 in circulation prior the civil war, disappeared. In the more nothern peaceful areas of the country, still the 500 shilin note along with 1000 shilin can be seen in circulation

Sovereign Ratings for Somalia

Somalia is not rated.

What does it look like?

Political Structure

Somalia has no functioning government.

Prominent Figures

Chief of State Transitional Federal President Sheikh SHARIF Sheikh Ahmed (since 31 January 2009); note - a transitional governing entity with a five-year mandate, known as the Transitional Federal Institutions (TFIs), was established in October 2004; the TFIs relocated to Somalia in June 2004; in 2009, the TFI's were given a two-year extension to October 2011 Head of Government Prime Minister Omar Abdirashid Ali SHARMARKE (since 13 February 2009)Cabinet Cabinet appointed by the prime minister and approved by the Transitional Federal Assembly Election Results Sheikh SHARIF Sheikh Ahmed was elected president by the expanded Transitional Federal Assembly in Djibouti

Key Economic Factors

Economic Overview:

Somalia has experienced deep political divisions throughout its history that have ultimately affected its economic fortunes. The northwestern region of Somalia has declared its independence as the "Republic of Somaliland." The northwestern region of Puntland is a semi-autonomous state, and the southern portion of Somalia is plagued with the fighting between rival factions. Somalia's agricultural sector is its most important; livestock accounts for about 40% of GDP and about 65% of export earnings. Saudi Arabia's recent ban on Somalia has severely hindered the agricultural sector. Somalia's service sector, however, has managed to survive and grow despite the agricultural sector's struggle. Telecommunication firms offer wireless services at the lowest prices in the continent. Money exchange services have sprouted throughout the country. Somalia has failed to comply with many financial deadlines for the IMF. Statistics on Somalia's GDP, growth, per capita income, and inflation should be viewed skeptically.

Overview:

A few light industries, including sugar refining, textiles, and wireless communication.

Agriculture products:

Cattle, sheep, goats, bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans and fish.

Major Trading Partners:

Thailand, Djibouti, UAE, Kenya, Yemen and India.

Import Commodities:

Manufactures, petroleum products, foodstuffs, construction materials and qat.

Export Commodities:

Livestock, bananas, hides, fish, charcoal and scrap metal.

Exchange Rates

SOS
AUD
CAD
EUR
JPY
GBP
USD
1 SOS
=
10.0020.0020.0020.1760.0010.002
1 AUD
=
439.18110.9690.67477.1520.5480.75
1 CAD
=
453.1431.03210.69679.6050.5660.774
1 EUR
=
651.5141.4831.4381114.4530.8131.113
1 JPY
=
5.6920.0130.0130.00910.0070.01
1 GBP
=
801.1241.8241.7681.23140.73611.369
1 USD
=
585.2281.3331.2910.898102.8090.7311

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