By: A. A. Jama
HARGEISA (Somalilandsun) – The Central Bank has put adequate measures aimed at curbing inflation rate that the country is experiencing.
This was revealed on Tuesday by the Governor of the Bank Mr. Abdi Dirir Abdi when he appeared before the permanent committee of the House of Representatives who grilled him to furnished the committee on what measures he was exploring in curbing the high depression rate that the country is undergoing coupled with the high cost of living that majority of middle class are unable to cope with.
Mr. Dirir informed the parliamentary committee on the establishment of mobile money exchange bureaus in counteracting high depreciation rate by stabilizing the value of Somaliland Shilling which equated to being $ 1 to SLSHS. 7,000 at the current market exchange rate within various exchange outlets in Hargeisa.
He elaborated to the committee on the impending fiscal policies in offing so as to lower the rate of Dollars beyond that figure though he insisted that stabilization of the local currency does not happen overnight.
Immediately after the session the chairman of the committee Ahmed Duale told the press that the Governor was put to task on the causes of high exchange rate and the measures the Bank was taking to reverse the trend.