Hawdia, this is very creative way selling currency from your people!!
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Somalia people say no need to have banks!! They are selling "Somali shilling" in an open market like all other crops!!
Somalia people say no need to have banks!! They are selling "Somali shilling" in an open market like all other crops!!
Hawdia, this is very creative way selling currency from your people!!
Hawdia, this is very creative way selling currency from your people!!
Re: Somalia people say no need to have banks!! They are selling "Somali shilling" in an open market like all other crops
C'mon, these were open foreign exchange markets (FOREX) on market stalls!
But guess what! The IMF and World Bank recognised Somalia as the only country in the modern world history to have had its currency regulated without having any central bank or a government controlling it!
However, that was ages ago! People exchanging banknotes on market stalls doesn't exist any longer in Somalia!
Mobile money is the new sheriff in town!
"A 2018 World Bank report said approximately 155 mobile money million transactions, worth $2.7 billion, were recorded in Somalia per month.
“Mobile money has superseded the use of cash in Somalia, with over 70% of adult Somalis using mobile money services regularly,” the bank said."
Who told you that Somalia didn't have banks! https://frc.gov.so/so/bangiyada/
let me also tell you, Post First World War Germany experienced worse than Somalia, as it was hit by one of the worst cases of hyperinflation in recent history, leading its currency to become worthless, with the exchange rate rising to 4,200,000,000,000 marks per dollar, to the extent that it was cheaper to burn money than to buy firewood, or use it as a wallpaper than buying proper wallpaper. It was even cheaper for kids to use it like Lego bricks to play with than buying proper Lego bricks!
But guess what! The IMF and World Bank recognised Somalia as the only country in the modern world history to have had its currency regulated without having any central bank or a government controlling it!
However, that was ages ago! People exchanging banknotes on market stalls doesn't exist any longer in Somalia!
Mobile money is the new sheriff in town!
"A 2018 World Bank report said approximately 155 mobile money million transactions, worth $2.7 billion, were recorded in Somalia per month.
“Mobile money has superseded the use of cash in Somalia, with over 70% of adult Somalis using mobile money services regularly,” the bank said."
Who told you that Somalia didn't have banks! https://frc.gov.so/so/bangiyada/
let me also tell you, Post First World War Germany experienced worse than Somalia, as it was hit by one of the worst cases of hyperinflation in recent history, leading its currency to become worthless, with the exchange rate rising to 4,200,000,000,000 marks per dollar, to the extent that it was cheaper to burn money than to buy firewood, or use it as a wallpaper than buying proper wallpaper. It was even cheaper for kids to use it like Lego bricks to play with than buying proper Lego bricks!