Somaliland shilling

Somaliland shilling
شلن صوماليلاندي (Arabic)
Soomaaliland shilin (Somali)

50 USD equivalent in January 2011
ISO 4217 code none
Central bank Bank of Somaliland
 Website www.somalilandgov.com/bank.htm
User(s)  Somaliland
Symbol Sl. Sh.
Coins 1, 5, 10, 20 shillings
Banknotes 5, 10, 20, 50, 100, 200, 500, 1000 and 5000 shillings[1]

The Somaliland shilling (Somali: Soomaaliland shilin) is the official currency of Somaliland, a self-declared republic that is internationally recognized as an autonomous region of Somalia.[2][3]

Overview

The Somaliland shilling was introduced on 18 October 1994 at one new Somaliland shilling to 100 Somali shillings. The Somali shilling ceased to be accepted as legal tender in Somaliland on 31 January 1995. Although the separatist authorities in Somaliland have since attempted to ban usage of the Somali shilling, Somalia's official currency is still the preferred means of exchange for many peoples in the region.[4] The US Dollar is also widely used and accepted as a means of transaction alongside the shilling.

Coins

Nominally, one Somaliland shilling is divided into 100 cents, but coins denominated in cents have never been issued, probably due to the low value of one shilling. The coin with the lowest value is the one shilling coin, first minted in 1994 at the Pobjoy Mint in England and therefore bearing the PM mintmark. In 2002, 2 and 5 shilling coins were issued, bearing depictions of the explorer Sir Richard Burton and of a rooster, respectively. Other coins that have been issued at some point are the 10 shilling coin (depicting a monkey), the 20 shilling coin (depicting a dog), and a silver 1,000 shilling coin (also depicting Sir Richard Burton). The reverse side of the 1,000 shilling coin contains an interesting error: instead of depicting the coat of arms of Somaliland, it depicts the coat of arms of Somalia.

Somaliland coins are not currently being minted or circulated.

Banknotes

Banknotes were issued with denominations of 5, 10, 20, 50, 100, 500, and 1,000 shillings, with dates ranging from 1994 to 2011.[5] Currently only the 500, 1000 and 5000 shilling notes are in circulation.

Exchange rates

The central bank provides exchange services for various currencies at the official government rate, but most people prefer the better, although unofficial, rates provided by the hawala agents and moneychangers found on the streets of main cities.

In November 2000 the official exchange rate of the Somaliland Central Bank was 4,550 shillings for 1 US dollar. Unofficial exchange rates at the time fluctuated between 4,000 and 5,000 shillings per dollar.

In December 2008, the official rate had fallen to 7,500 shillings per US dollar.[6]

The current exchange rate, as of May 2015, is 7,000 Shillings to 1 US Dollar. This may fluctuate slightly at hotels and other places frequented by foreigners such as the Ambassador, Maan Soor, and Oriental hotels where the exchange rate can be as high as 7,500 to 1 USD.

See also

References

  1. ↑ Somaliland new 1,000- and 5,000-shilling notes confirmed BanknoteNews.com. Retrieved 2012-01-19.
  2. ↑ The Transitional Federal Charter of the Somali Republic: "The Somali Republic shall have the following boundaries. (a) North; Gulf of Aden. (b) North West; Djibouti. (c) West; Ethiopia. (d) South south-west; Kenya. (e) East; Indian Ocean."
  3. ↑ CIA - The World Factbook - Somalia
  4. ↑ Time for Somaliland to Rethink its Strategy
  5. ↑ Linzmayer, Owen (2012). "Somaliland". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  6. ↑ http://www.somalilandgov.com/cprofile.htm

External links

Preceded by:
Somali shilling
Reason: currency independence
Ratio: 1 Somaliland shilling = 100 Somali shillings = 1/50 United States dollar		 Currency of Somaliland
1994 - present –
Note: Somaliland is not widely recognized		 Succeeded by:
Current