Somalia Business: Currency and Banking

Somalia Business: Currency and Banking Last updated on Sunday 25th April 2010

The unit of currency is the Somali shilling, consisting of 100 centesimi, issued by the Central Bank of Somalia (1960).

Somalia is a member of the Islamic Development Bank and the African Development Bank. The 1995 exchange rate was 2,615 shillings equal to US$1.

The Bakiga Dhexe ee Soomaliya (Central Bank) is the issuing bank. The Somali Development Bank and the Savings Bank of Somalia are the other two banks.

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