Galmudug Police seizes counterfeit money

Galmudug police has reportedly seized counterfeit currency in Galkaio town after a tip off by members of the public.

Muhaydin Yusuf Samatar, police investigator with Galmudug state police told Goobjoog News that Shs10 millions of fake money were printed by criminals and brought to the city to corrupt the markets and take undue benefits.

“We seized Shs10 millions Somali Shilling of counterfeit currency and later on burned in public” said the official who warned perpetrators against such fraudulent acts.

Somalia with no effective central bank has not printed currency for more than two decades, opening wide gap for criminals who print fake monies and then supply to the markets who need replacement for the old notes.

Federal government has plans to print new currency but due to budgetary constrains this is yet to be realized , speaking in a past event President Hassan Sheikh Mohamoud said “to print one note would cost us 3 cents of US Dollar, and we would need $40 millions to produce the currency we need, in our budget we don’t have that”.

Goobjoog News