About the Somali Shilling
The Somali Shilling was introduced in 1962, replacing the East African Shilling at par. Due to decades of civil war, a central banking system largely ceased to function, and substantial amounts of counterfeit currency were printed.
The name 'Shilling' is derived from the East African Shilling, a currency introduced during the British colonial era.
Interesting Facts
A Currency in Crisis
For decades, Somalia has operated largely without official currency, relying on U.S. Dollars and mobile money due to civil war, which led to the proliferation of counterfeit banknotes and hyperinflation.
Mobile Money Dominance
Mobile money services have become the primary means of payment and value transfer in Somalia, largely replacing physical currency for many transactions.
Efforts for Revival
Recent years have seen renewed efforts to restore the Central Bank of Somalia's authority and introduce a new, legitimate series of banknotes to stabilize the economy.
Historical Timeline
Somalia gains independence and forms the Central Bank of Somalia.
The Somali Shilling is introduced.
Civil war breaks out, leading to the collapse of central authority and rampant currency counterfeiting.
Efforts begin to revive the Central Bank and replace the old, often counterfeit, banknotes.
Denominations
Banknotes
Coins
Security Features
Quick Facts
- ISO Code
- SOS
- Symbol
- Sh.So.
- Numeric Code
- 706
- Subunit
- Cent (1/100)
- Introduced
- 1962-01-01
Central Bank
- Name
- Central Bank of Somalia
- Headquarters
- Mogadishu, Somalia
- Founded
- 1960
- Current Governor
- Abdirahman Mohamed Abdullahi (since 2020)
Economic Data
- Reserve Currency Share
- 0.0%
- Forex Volume Share
- 0.0%
- Inflation Rate
- 3.9%
Exchange Rates
What Affects the SOS Exchange Rate?
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