Monthly Currency Exchange Report for April 2015

At the end of every month Goobjoog FM publishes monthly foreign currency exchange report in Somalia, especially with a focus on Mogadishu, the capital. Our analysis is based on currency market behavior in major markets in Somalia
Key currencies in Somalia include the US Dollar, Euro, British Pound, Saudi Riyal, UAE Dirham, Ethiopian Birr, Kenya Shilling and Somali Shilling.
The report would reveal the deference and fluctuation of the exchange in receiving and handing out. The report reveals currency fluctuation as illustrated in the EXEL analysis.

Key terms in this report are buying and selling defined below as thus:
Selling: This is when the bureau officer is selling his hard currency in the anticipation that the exchange rate will drop hence receiving money from the customer who wants money to be exchanged.
Buying: This is when the one buys currency in anticipation that the rates would rise.
1.1 Dollar to Somali Shilling SOSH/$ (100)

US dollar is the largest foreign currency in use in Somalia, because of its international standard as a currency of exchange. If the dollar rate goes up or down so do the commodities in the Somali markets.
Dollar is popular among Somalis because the huge dollar amount in the markets, the increased services of remittance, the collapse of Somali Shilling and the lack of regulatory framework by the Central Bank of Somalia.

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