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Galkayo security forces seize counterfeit money

Storyline:Business, National News

Galmudug Security forces have seized heaps of counterfeit Somali Shillings loaded in a car in Galkayo town, officials say.

Galkayo police commissioner, Mohamed Ali Noor has accused the semi-autonomous regional state of Puntland of flooding counterfeits money into the town.

“This money has same digits of serial number which is 339. The counterfeit money was seized after the security forces received information about the money from neighbourhood residents,” said Noor.

He said Galkayo residents are willing to work with the regional administration to present a united front against anyone with a destabilising agenda. He cautioned against inadvertently receiving fake currency that permeates the local markets at times.

“Security forces are engaged in plans to enhance security and their increased efforts have led to better security in Galkayo,” Noor said.

This comes a day after millions of Somali Shillings bank notes allegedly printed by the main bank of Puntland state of Somalia poured to the state’s exchange markets with already 11% of inflation observed.

Puntland finance minister Shire Haji Farah declined to comment when reached; this move of printing this large amount of banknotes comes after Puntland Government faced pressure for being not able to pay the salaries of army, police and civil servants, a tactic used by the previous Puntland leader General Hirsi Ade.

Civil society, religious leaders and elders warned Puntland Government not to introduce printed bank notes to the markets.