Mogadishu (Dawan Africa) – The Central Bank of Somalia has confirmed that the Federal Government is preparing to introduce newly printed Somali Shilling banknotes. The initiative is part of ongoing economic reforms supported by the International Monetary Fund (IMF).
Central Bank Governor Abdirahman Mohamed Abdullahi made the announcement last week while responding to questions from state media following the Annual Conference on Economic Policy, hosted by the Bank in Mogadishu.
He stated that the currency plan remains in its early technical stages, and full details will be released once preparations are finalized.
“The government is working on a plan to issue new currency,” said the Governor, adding that further information would be shared once the process is complete.
The IMF also acknowledged the government’s plan in a press statement issued on July 9, 2025, following the Executive Board’s conclusion of the third review of Somalia’s Extended Credit Facility (ECF) arrangement.
“The authorities have maintained reform momentum despite domestic and external challenges. It is important to carefully continue the process of reintroducing the Somali Shilling under a currency board arrangement,” said Nigel Clarke, IMF Deputy Managing Director and Chair.
The IMF has pledged to support Somalia’s Central Bank with technical assistance in key areas including currency design, monetary policy development, and financial inclusion.
The Fund reiterated that it supports the government’s plan to reintroduce the Somali Shilling under a “currency board” framework—meaning all newly issued currency must be backed by an equivalent amount of foreign reserves.
Somalia has not printed official currency in over 30 years, since the collapse of the central government in 1991. Today, most of the economy functions on U.S. dollars and mobile money systems, while existing Somali Shilling notes are either outdated or counterfeit.
