Copy right  2015 Central Bank of Somalia, All Rights Reserved.
Central Bank of Somalia Central Bank of Somalia provides the nation with safe, flexible and stable monetary & financial system.”

Somali Currency 

The    currency    used    in    Somalia    is    a    Somali Shilling. The   Central   Bank   Act   –   Decree   Law   No.   16   of 19/10/1968   mandates   the   Central   Bank   is   the only   first   authority   mandated   to   issue   Somali currency    bank    notes    and    coins    as    legal tender. Currently   the   only   Somali   currency   in   use   is the   1000   Shilling   note   first   issued   in   1990 and as a second issue in 1996 . BRIEF HISTORY OF THE SOMALI CURRENCY The    principal    form    of    currency    in    Somalia    has    been    base metallic   coins,   usually   silver,   and   by   the   first   half   of   the   19th century   the   main   unit   of   currency   was   the   Maria   Theresa   Thaler which   was   known   in   Somalia   “Sharuq”.   It   was   a   coin   containing four   parts   silver   and   one   part   copper,   and   has   been   issued   by the   Austrian   Empire,   in   honor   of   the   Empress   Maria   Theresa, who   ruled   Austria,   Hungary   and   Bohemia   from   1740   to   1780.   It had   gained   acceptance   in   the   Arabia   Peninsula   and   in   the   Horn of   Africa,   Somalia,   Ethiopia   and   Eritrea,   as   its   high   silver   content satisfied the people’s desire for base coins.

History of Somali Currency

 

There   is   no   specific   period   that   can   be   traced   the   starting   era   of the   use   of   money   metallic   coins   in   Somalia,   but   from   the   history we     acknowledged     that     the     trade     relations     between     the neighboring    countries    in    the    exchange    of    goods    were    based with    the    currencies    used    by    those    inhabitants    of    the    region namely in the Arabian Peninsula and in India.
Copy right  2015 Central Bank of Somalia, All Rights Reserved.

Somali Currency 

The currency used in Somalia is a Somali Shilling. The   Central   Bank   Act   –   Decree   Law   No.   16   of   19/10/1968   mandates   the   Central   Bank   is   the   only first authority mandated to issue Somali currency bank notes and coins as legal tender. Currently   the   only   Somali   currency   in   use   is   the   1000   Shilling   note   first   issued   in   1990   and   as   a second issue in 1996 . BRIEF HISTORY OF THE SOMALI CURRENCY The   principal   form   of   currency   in   Somalia   has   been   base   metallic   coins,   usually   silver,   and by   the   first   half   of   the   19th   century   the   main   unit   of   currency   was   the   Maria   Theresa Thaler   which   was   known   in   Somalia   “Sharuq”.   It   was   a   coin   containing   four   parts   silver   and one   part   copper,   and   has   been   issued   by   the   Austrian   Empire,   in   honor   of   the   Empress Maria   Theresa,   who   ruled   Austria,   Hungary   and   Bohemia   from   1740   to   1780.   It   had   gained acceptance   in   the   Arabia   Peninsula   and   in   the   Horn   of   Africa,   Somalia,   Ethiopia   and   Eritrea, as its high silver content satisfied the people’s desire for base coins.

History of Somali Currency

 

There   is   no   specific   period   that   can   be   traced   the   starting   era   of   the   use   of   money   metallic coins   in   Somalia,   but   from   the   history   we   acknowledged   that   the   trade   relations   between the   neighboring   countries   in   the   exchange   of   goods   were   based   with   the   currencies   used by those inhabitants of the region namely in the Arabian Peninsula and in India.
CONTACT INFORMATION P.O Box 11, 55 Corso Somalia Mogadishu, Somalia Tel/Fax: +2521241152, Tel: +2521866131 Tel: +2521866151 Email: it@centralbank.gov.so
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