Somali shilling
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| Somali shilling shilin soomaali (Somali) |
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| ISO 4217 Code | SOS | ||
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| User(s) | Somalia | ||
| Symbol | So. Sh. | ||
| Coins | 5, 10, 25, 50, 100 shillings | ||
| Banknotes | 5, 10, 20, 50, 100, 500, 1000 shillings | ||
| Central bank | Central Bank of Somalia | ||
| Website | cbsom.org/ | ||
| Somalia |
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The shilling (English), shilin (Somali, also شلن) or scellino (Italian) has been the currency of Somalia since 1962. The ISO 4217 code is SOS. It is subdivided into 100 cents (English), senti (Somali, also سنت) or centesimi (Italian).
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[edit] History
The shilling has been the currency of parts of Somalia since 1921, when the East African shilling was introduced to British Somaliland. In 1962 (following independence in 1960), the somalo of Italian Somaliland and the East African shilling (which were equal in value) were replaced at par by the Somali shilling. Names used for the denominations were cent, centesimo (plural: centesimi) and سنت (plurals: سنتيمات and سنتيما) together with shilling, scellino (plural: scellini) and شلن.
Starting in 1975, Somali names written in the Latin alphabet were introduced: shilin and sent, with the name for the subunit in the Arabic script reduced to سنت. The Italian names disappeared at this time and the English names only persisting on the banknotes. The Italian name scellino reappeared on some of coins in 2000. The spelling of the subunit today remains unknown as no coins of less than 1 shilling have been issued recently.
Following the breakdown of central government, the breakaway region of Somaliland has issued a currency, the Somaliland shilling. Other regional currencies as well as the U.S. dollar and euro also circulate.
[edit] Coins
Initially, coins of the East African shilling and somalo circulated. In 1967, coins were issued in the name of the Somali Republic in denominations of 5, 10 and 50 cents/centesimi and 1 shilling/scellino. In 1976, when the Somali names for the denominations were introduced, coins were issued in the name of the Democratic Republic of Somalia for 5, 10 and 50 senti and 1 shiling.
Since 2000, coins in denominations of 5, 10, 25, 50 and 100 shillings have been issued in the name of the Republic of Somalia. However, this issue of coins has never been in circulation inside Somalia, and it is unclear by who it has been produced as there have been no governmental authorities anymore since 1991. The legends on these coins are written in the colonization languages english and italian, despite the fact that the official languages of Somalia are somali and arabic. Most have been issued as commemorative coins such as the Chinese astrology series or as part of the F.A.O. issue.
[edit] Banknotes
In 1962, the Banca Nazionale Somala issued notes for 5, 10, 20 and 100 scellini/shillings. In 1975, the Bankiga Qaranka Soomaaliyeed (Somali National Bank) introduced notes for 5, 10, 20 and 100 shilin/shillings. These were followed in 1978 by notes of the same denominations issued by the Bankiga Dhexe Ee Soomaaliya (Central Bank of Somalia). 50 shilin/shillings notes were introduced in 1983, followed by 500 shilin/shillings in 1989 and 1000 shilin/shillings in 1990.
The situation of the currency in Somalia is unknown, but as in Afghanistan before 2002, banknotes of the old issue of 5, 10, 20, 50, 100, 500 and 1000 shilling are probably being produced without honouring the serial numbers. In the south, only the 1000 shilin note remains in circulation today. All other denominations having disappeared. In the more peaceful, northern areas of the country, the 500 shilin note can also still be seen in circulation.[citation needed]
[edit] Historical exchange rates
Free market rates in southern Somalia:
2000 SOS/USD in June 1991
5000 SOS/USD in June 1993
13,400 SOS/USD in March 2006
15,000 SOS/USD in February 2007
25,000 SOS/USD in March 2008 [1]
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[edit] See also
[edit] References
- CIA World Factbook - Somalia
- Peter Symes (December 2005). The Banknotes of Somalia – Part 4. Retrieved on 2006-11-03.
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
[edit] Notes
- ^ http://africa.reuters.com/business/news/usnBAN946551.html Reuters Africa 2008/03/19 Accessed 2008/04/09
[edit] External links
- Don's World Coin Gallery - Somalia
- Ron Wise's World Paper Money - Somalia Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Somalia Mirror site
- The Global History of Currencies - Somalia
- Global Financial Data data series - Somalia Shilling
- Global Financial Data currency histories table (
Microsoft Excel format) - Gallery of old and new Somali Banknotes
- Somalia at Islamic Banknotes
- Somaliland
| Preceded by: Italian Somaliland somalo Location: Italian Somaliland Reason: independence and merging of British Somaliland and Italian Somaliland Ratio: at par |
Currency of Somalia 1962 – 1991 Note: the shilling was made the unit of account shortly after independence in 1960 |
Currency of Somalia 1991 – |
Succeeded by: Current |
| Preceded by: East African shilling Location: British Somaliland Reason: independence and merging of British Somaliland and Italian Somaliland Ratio: at par |
Currency of Somaliland 1991 – 1994 |
Succeeded by: Somaliland shilling Reason: currency independence Ratio: 1 Somaliland shilling = 100 Somali shillings = 1/50 United States dollar Note: Somaliland is not widely recognized |
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