Somali shilling

1 USD ≈ 30,000 SOS 1 EUR ≈ 41,000 SOS 1000 SOS ≈ 0.024 EUR 1 CHF ≈ 34,000 SOS 1000 SOS ≈ 0.03 CHF

The Somali shilling ( shilin soomaali ) is the currency of Somalia. It is divided into 100 Centesimi or Senti. The ISO currency abbreviation is SOS.

Since the independence of Somalia 1960, the Somali Shilling was issued by the Somali Central Bank. After the start of the Somali civil war and the collapse of the Somali state system in 1991 were various warlords on their own large amounts of 500 - and 1000 Print -shilling notes, what was the value of the currency collapse. In June 1990, we got on the open market around 2000 shillings for one U.S. dollar, in August 1991 already Schilling 7000 and 2002 sometimes up to 25,000 shillings. The exchange rate rebounded to March 2006 to 13,400, fell to May 2008, but again to 30,000 shillings per dollar.

The World Bank estimates the Counterfeit share in Somalia to 80%.

It circulates mainly certificates to 500 and 1000 shillings; printed in the 1980s, notes 5, 10, 20, 50 and 100 shillings are practically worthless. Due to the chaotic currency situation in Somalia different foreign currencies as means of payment in use. Widely used are: U.S. Dollar, Euro, the United Arab Emirates Dirham. In border regions, it also applies to the currencies of neighboring countries: Ethiopian Birr, Djibouti Franc and Kenya Shilling. The de facto independent republic since 1991, Somaliland has introduced its own currency, the Somaliland shilling, however, was able to prevail only in the region between Hargeysa and Berbera as payment.

In view of the CAC problem and rising inflation, the transitional government of Somalia announced in April 2008, to have it printed new, hard to counterfeiting banknotes.