Somali central bank issues new $50 bill order1 min read
The Central Bank of the Federal Republic of Somalia (FGS) has today issued an order to run a $ 50 operation that was suspended by traders operating in Somalia last year.
The governor of the Central Bank, in a meeting with the governors of banks, remittance companies and telecom companies, said there was no counterfeit currency in the country, following a lengthy investigation by the central bank.
The governor confirmed that the investigation had found that there was no truth into the rumors’ that $ 50 counterfeit money had been smuggled into the country and that traders from now should take the money without hesitation.
“As of today, the Central Bank has ordered the withdrawal and disbursement of $ 50, and those who do not comply with this decision will be held accountable by the Central Bank. We have agreed with the business community to abide by the Bank’s directives, ”said Central Bank Governor Abdirahman Abdillahi.
He also stressed that legal action will be taken against companies that ignore the Central Bank’s order, as there is nothing wrong with public fears that counterfeit US dollars are in the country.
The order comes at a time when there has been talk of counterfeit currency in the country, leading to a complete backlash from companies and the general public of the $50 bill.