Biyokulule Online

Somalia signs currency printing agreement with Sudanese firm
BBC Monitoring Middle East
May 02, 2009

People jostle to exchange their old Sudanese Dinars into the newly introduced Sudanese Pounds at the Ivory Bank in Juba, June 28, 2007.

Khartoum, 29 Apr (SUNA) - Dr Awad Ahmad al-Jaz, minister of finance and national economy, emphasized Sudan`s readiness to support Somalia in the construction and reconstruction phase after the end of the war, addressing of conflicts and utilizing of Sudanese experience in rebuilding what the war has destroyed for the benefit of Somalia. He said that Sudan gained experience in dealing with the aftermath of war, boycotts, and sieges and faced the repercussions through determination and tenacity.

During a meeting in his office on 29 April with Sharif Hasan Shaykh Adam, Somali finance minister and deputy prime minister, Dr Al-Jaz pledged to provide the experience and expertise necessary to build the financial institutions and the Central Bank of Somalia. He pointed out the possibility of assisting Somalia with Sudanese cadres and experiences and provision of opportunities for training Somali cadres in Sudan.

Dr al-Jaz pointed out arrangements to activate relations between the private sector at the level of the two countries and exchanges of visits and experiences. He said that the door is open to any official Somali cooperation with Sudan to consult on the assistance and cooperation required. Dr al-Jaz expressed his hope that the agreement between Somalia and the Sudanese Currency Printing Press will culminate in the printing of Somali currency in Sudan.

The Somali finance minister revealed of a memorandum that was signed with the Sudanese Currency Printing Press. He noted Somalia`s interest in printing currency as, which is considered to be one of the most important reasons for establishing the foundations of real peace and stability in Somalia.

Shaykh Adam emphasized his country`s desire to activate the channels of bilateral trade with Sudan and the establishment of commodity exchange mechanisms between the two sides. He said that Somalia is highly dependent on the Sudanese government in laying the foundations for peace and development. He praised the support of the Sudanese government to his country during the transitional government period.

Text of report by Khartoum SUNA News Agency in Arabic 0000 gmt 29 Apr 2009

Somalia signs 352m-dollar currency printing deal with Indonesian firm
BBC Monitoring
April 04, 2006

Money changers sort bank notes in Somalia`s port city of Kismayu September 8, 2007.

Part of an agreement obtained between President Abdullahi Yusuf Ahmad and a businessman, identified as Said Abdi Firin, says that 1,000 Somali shilling banknotes worth 500bn shillings [about 352m dollars] will be printed.

The agreement states that the deal was reached with an Indonesian company, Puma Baratuma Kudus [name as broadcast]. Firin was mandated to implement the agreement with the Indonesian company and part of the agreement was signed by Prime Minister Prof Ali Muhammad Gedi.

The president of the Transitional Federal Government of Somalia [TFG], Col Abdullahi Yusuf Ahmad, sent a letter to the president of the regional administration of Puntland ordering the regional administration to work with the businessman.

In the 500bn-shilling deal, only 150bn shillings [105.6m dollars] belongs to the TFG while the remaining 350bn shillings [246.5m dollars] belongs to the person who prints the money.

According to reliable sources, the first shipment of the banknotes will arrive in Gaalkacyo [central Somalia] in mid April. The flight will originate from Indonesia and will transit through the Maldive Islands and the UAE. The first shipment will be worth 15bn shillings and most of it will go to Puntland region.

However, Finance Ministry officials of the TFG seem to be unaware of the deal, whether it had been taken to parliament or if they [the Finance Ministry] were part of its approval.

Printing of the currency, and the agreement with the businessman, was officially approved on 1 October 2005, at a time when there was a rift between the two organs [executive and legislature] of the TFG and the servicing of this agreement may now create another major rift within the TFG.

Source: Radio Midnimo, Boosaaso, in Somali 1030 gmt 4 Apr 06

Gulf News: Man acquitted in fake Somali currency case
Gulf News
November 07, 2006

A forex trader carries Somali currency at the Bakara open market in Mogadishu, April 22, 2008.

Dubai: A court acquitted a visitor of circulating 150 billion Somali shillings (about Dh37.5 million) in counterfeit currency yesterday.

The Dubai Court of Cassation cleared suspect S.A., a 39-year-old Canadian of Somali origin, for lack of evidence. The Dubai Public Prosecution charged S.A. of possessing and circulating fake money.

The criminal laboratory said earlier that six banknotes of 1,000 Somali shillings, issued by the Somali Central Bank, carried the same serial number.

After the courts of First Instance and Appeal acquitted him, the public prosecution appealed the verdict to the highest court which dismissed the case against the Canadian for insufficient evidence.

The judge said the suspect had no intention to circulate the money in Dubai.

At an earlier stage the suspect`s lawyer, Bader Mohammad Al Gurg, of Horizons Advocates and Legal Consultants said: "The money was being printed in Singapore and the Somali government assigned S.A. to re-export it to Somalia via Dubai."

The lawyer explained that the six banknotes carried the same serial number due to a printing error and it was not counterfeit. A top Somali minister told the court earlier "the money is government-owned and not fake".