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Sudan likely to print Somalia’s new currency

Storyline:Business, National News
Somali president Mohamed Farmaajo (L) with his Sudanese host Omar al-Bashir (R) in talks Wednesday. The two leaders are exploring options of printing Somalia’s new currency. Photo: courtesy

Sudan could soon print Somalia’s new currency, talks between President Mohamed Farmaajo and his Sudanese counterpart Omar al-Bashir in Khartoum have hinted at but the details of the talks remain scanty.

Sudan president Omar al-Bashir said his country had the requisite infrastructure to roll out the printing of the new currency which Somalia aims to replace with the existing notes most of which are counterfeit.

“It an honour to respond to the request of Somalia to print its national currency. Sudanese Currency Printing Company owns the latest machinery and equipment for printing the currency, and it has the maximum requirements for insurance and safety and protection,” said al-Bashir.

It is not clear however if the talks focused on the financing which Somalia estimates at $60 million. Central Bank Governor Bashir Isse Ali said July the Bank was working with other affiliate agencies to develop the design and security features for the new notes but did not specify if the country had identified any donor to finance the printing. The notes, Ali said would be in denominations of 1,000, 2,000, 5,000, 10,000 and 20,000 but added there was room for 50,000 note and less than 1,000.

Somalia, which does not qualify for lending from the international market owing to its debt relies on donor countries to print its currency which it expects to gradually replace with the old notes and the dollar notes which form the bulk of transaction through e-notes.

Farmaajo thanked the Sudanese government for supporting his country adding ‘”Sudan has stood with Somalia in all its challenges during the past year.”

The two leaders are meeting in Khartoum as part of Farmaajo’s two days visit.

Goobjoog News and Anadolu Agency