Puntland Central Bank Okays Use of $50 Note After 4-Year Suspension Over Counterfeiting

GOOBJOOG NEWS|GAROWE: Puntland State Central Bank has authorised the use of the $50 note about four years since it was suspended.

The Central Bank issued a statement Wednesday instructing businesses and commercial banks to resume the use of the note. The state bank had suspended the use of the $50 note in 2021 following reports of widespread counterfeiting.

“The Puntland State Bank informs the people of Puntland that the use of the $50 bill has been officially authorized, without any conditions other than the conditions for other bills such as $100, $20, $10 and $5,” the Bank said.

“All banks, money transfer companies, telecommunications companies that provide electronic money services and traders are instructed to use and accept the $50 bill normally, just like other bills.”

The Puntland State Bank also directed all banks and telecommunications companies to immediately report any suspected counterfeit bills to the Puntland State Bank so that the relevant institutions for action.