What is the Somali shilling (SOS)?
Credit Ratings & Outlook
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
In 1990 the total GDP was $917,044,253 in US Dollars, while the per capita GDP was $138. It fell by -1.48% over the previous year.
The current head of the government is Prime Minister Abdiweli Mohamed Ali, and the head of state is President Sharif Sheikh Ahmed (in an executive role).
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?
Somalia has no functioning government.
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
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.
A few light industries, including sugar refining, textiles, and wireless communication.
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.
Manufactures, petroleum products, foodstuffs, construction materials and qat.
Livestock, bananas, hides, fish, charcoal and scrap metal.
1 Somalia Shiling to:
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- Other Currencies Accepted: None
- Currency Peg:No
- Black Market for Currency:No
- Currency Volatility:unknown
- Estimated GDP Per Capita:.731 billion (2009 est.) .589 billion (2008 est.) .45 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:Somali (official), Arabic, Italian, English