Somaliland seeks to tackle currency crisis

The President H.E. Ahmed Mohammed Mohamud Silanyo yesterday met with the business fraternity in a meeting billed as very circumstantial and one quite conducive in addressing the inflationary woes afflicting the country’s economy.

He was flanked by the VP, the ministers of the Presidency, Finance, Interior, Commerce, Planning, Aviation, Defense, State Ministers for Presidency and Interior and the central bank chiefs amongst other senior government officials.

According to a press release by Presidential spokesman Eng. Hussein A. Egge the meeting had officially two objectives, thus:-

1. To impart upon the business fraternity their obligation in bolstering the esteem of and trust in the local currency, its extensive use and how the stake holders (the state, business fraternity and the members of the public) may concretively tame inflation.
2. Being appraised with the report of the committee constituted by the Head of State on the 3rd of December 2015 on the issues of economy and particularly inflation.

The President said that he was “highly esteemed to call for the meeting to promote the use of the local currency and also listen to the report of the committee charged with the task of addressing the inflation” that was afflicting the country.

He said that it was quite shameful and ironic for the members of the public and the state to discard their own currency for another.

“This is unacceptable and cannot be allowed anymore”, declared the President.

He appealed to the Business fraternity present and those absent to take their cue and obligation hence supplement their support in addressing the situation.

The President candidly stated that he was ready to accept any critics leveled to the government on this issue by the community.

He said that he acknowledged the fact that the businesses community were the backbone of the development and that their role was indispensable.

He lauded their worthwhile objectives that they set for the state.

In his pursuit of taming the local currency inflation and addressing the dies economical plight of the populace, the President reiterated his keenness to see to it that the local currency is promoted fully and its use extensively maximized.

The meeting comes hot on the heels immediately after a major unprecedented one over the week that brought all stakeholders in the community and state officials as far as the economy is concerned.

The President had pledged to bring down the local rate’s charge to the dollars to 6000/SL/Shs in a speech to the nation through the armed constitutional one to both houses of parliament by then the rate hard soared to 8000.

Immediately after meeting the main players in the economic sector the rate plunged to the six thousand three days ago causing ripples in the market.

He then summoned the local importers and top entrepreneurs in the country in a bid to bring sobriety to the situation hence managed any damage that has boomeranged to the detriment of the populace.

“It is the widespread of the foreign US dollar currency that is the main culprit”, said the VP H.E. Abdirahman Ismael in a brief to the press after yesterday’s meeting.

“The government and the populace have got to install the patriotic use of the local currency to bolster our economy”, he said.

He revealed that several guidelines and, most likely, declarations in streamlining the sector would be announced.

The VP who was flanked by the national chamber of commerce and Industry Chairman Mr. Sh. Mohamemed Shukri Hulul and Presidential Spokesman Hussein Adan Egge reminded the nation that less than a couple of months ago the Head of State had constituted a task force comprising of 5 to delve into the matters there inflation and economical plight. Chairman by the VP it consisted of the ministers of Interior and Presidency and the other two from the central bank and the treasury.

Giving the overall picture that the meetings that subsequently took off, to date, and the forth coming declarations were part and parcel of the task force’s recommendation following numerous in-depth research on the woes.

The VP said that the acts of consultations were the best tools in achieving best and maximum results hence through the same mode have they tackled the situation and will continue to.

He said that the latest meeting with the business fraternity was quite fruitful and that they had acknowledged the need in advancing SL’s priorities.

The President’s aim is to have the local currency become strong and the burden of the economy relieved from the backs of the populace.

The VP similarly acknowledged that the mess that has brought about the economical status quo was one that was shared by all stakeholders thus the state, the business community as culprits. So too are the populace tinctured for not prioritized the use of the local currency.

The VP on the other hand appealed for donations when he announced that plans were afoot to do major fundraising for the drought stricken areas of the country.

The chamber of commerce boss hailed the government for its efforts of addressing the issue.

SomalilandInformer