Hargeisa (News from Somaliland) The Central Bank of the Republic of Somaliland has launched an important operation to stabilize the country’s exchange markets, as part of a wider plan to increase confidence in the Somaliland Shilling currency and how the public should be encouraged to use their country’s currency and value it.
A statement issued by the Central Bank of the Republic of Somaliland on the operation to stabilize the country’s ambassador markets also stated that the Central Bank of Somaliland has invested a solid amount of $4.6 million in the exchange markets, which as a result of this operation was brought to the market. a sum of SLSH 49.4 billion, so that the community can feel the decline in the country’s exchange markets.
On the other hand, the Central Bank of Somaliland said that this action has led to the value of the Somaliland currency rising by 1.7%, while the value of the dollar has initially reached 10,870 SLSH/USD, but it has decreased to 10,690 SLSH/USD.
It was also stated in this press release that this increase in the value of the Somaliland shilling is proof that the currency exchange rates have reacted well to the action of the Central Bank of Somaliland, while recovering from the decline in the country in recent years.
The Central Bank of the Republic of Somaliland has also sent a message to the public, businessmen, and other financial stakeholders to encourage them to work with the Central Bank, and to understand that monetary stability is an important factor in economic growth.
The Central Bank of the Republic of Somaliland stands for maintaining the stability of the National Economy through the realization of a stable monetary system and the fight against inflation.
At the end of this press release, it was said that the Bank will continue its efforts to strengthen the value of the Somaliland shilling and maintain the stability of the currency markets in the country, until the exchange rate reaches a stable level.
Hornpost staff Reporter
News from Somaliland
