Monday, August 21, 2017

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Somaliland: Forex Blackmarket Engulfs Hargeisa

Forex black markets in Hargeisa Forex black markets in Hargeisa

By: Latifa Yusuf Masai
Somalilandsun- Unscrupulous citizens mostly business ones have found new ways to circumvent the government’s directive on foreign exchange

Hitherto ink own on the country , underground foreign exchangers have mushroomed in the Somaliland capital Hargeisa where dollars are being sold at well above the designated 7000 Somaliland shillings to a dollar.
According to Geeska Afrika the going rate to purchase a dollar at the blackmarket is slsh 8100 and above while the sale price is the government one of slshs 7000
This profusion of foreign exchange black-marketers came to life a few days ago following a presidential directive which set the maximum rate of exchange as a means to curb high rates of forex that had almost paralyzed the economy.
Apart from big business who need the dollars for import purposes, local citizens are forced to the underground and exorbitant market because many services providers especially private hospitals still demand payment in foreign currencies.
While the directive by the administration of president Silanyo including subsequent security forces promise of a crackdown on any contravention received wide public support , no official has yet spoken on the blackmarket.

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