{"id":648621,"date":"2017-04-07T08:33:08","date_gmt":"2017-04-07T08:33:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/07\/somalias-central-bank-less-mostly-fake-paper-currency\/"},"modified":"2017-04-07T08:33:08","modified_gmt":"2017-04-07T08:33:08","slug":"somalias-central-bank-less-mostly-fake-paper-currency","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/07\/somalias-central-bank-less-mostly-fake-paper-currency\/","title":{"rendered":"Somalia\u2019s central bank-less, mostly fake paper currency"},"content":{"rendered":"<p><strong>Possibly the strangest monetary phenomenon in the world: <\/strong>Somalia, quite possibly, has the world\u2019s strangest monetary phenomenon, JP Konig argues <a href=\"http:\/\/jpkoning.blogspot.com.eg\/2017\/03\/bringing-back-somali-shilling.html\">on his blog<\/a>. Konig calls its currency, the Somali shilling, an \u201c<a href=\"http:\/\/jpkoning.blogspot.com.eg\/2013\/03\/orphaned-currency-odd-case-of-somali.html\">orphaned<\/a>\u201d one as it exists without a central bank. Although the Central Bank of Somalia and the national government ceased to exist when a civil war broke out in 1991, <strong>Somali shilling banknotes continued to be used as money by Somalis. On top of the existing banknotes in circulation Somalis also accepted a steady stream of counterfeits that circulated with the old official currency<\/strong>. This is not new news. William J Luther <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2047494\">writes<\/a> \u201cSomalis found it profitable to contract with foreign printers and import forgeries. The exchange value of the largest denomination Somali shillings note fell from [USD] 0.30 in 1991 to [USD] 0.03 in 2008. However, the purchasing power eventually stabilized at the cost of producing additional notes.\u201d<\/p>\n<p><strong>Konig says the story is worth revisiting again now because Somalia's newly restored <\/strong><strong>central bank, assisted by the IMF, is on the verge of reprinting printing banknotes after a quarter century absence<\/strong>. The more striking part is that the system, which ran without a central bank and a large proportion of counterfeit currency worked. \u201cOld legitimate 1000 shilling notes and newer counterfeit 1000 notes are worth about 4 U.S. cents each. Both types of shillings are fungible\u2014or, put differently, they are accepted interchangeably in trade, despite the fact that it is easy to tell fakes apart from genuine notes. This is an odd thing for non-Somalis to get our heads around since for most of us, an obvious counterfeit is pretty much worthless. The exchange rate between [USD] and Somali shillings is a floating one that is determined by the cost of printing new fake 1000 notes. For instance, if a would-be counterfeiter can find a currency printer, say in Switzerland, that will produce a decent knock off and ship it to Somalia for 2.5 U.S. cents each (which includes the cost of paper and ink), then notes will flood into Somalia until their purchasing power falls from 4 to 2.5 U.S. cents... at which point counterfeiting is no longer profitable and the price level stabilizes.\u201d<\/p>\n<p><strong>A big problem facing the central bank and IMF now is what to do with the old, <\/strong><strong>counterfeit notes already in circulation<\/strong>. \u201cAccording to the IMF mission chief Mohammed Elhage, the IMF is in the midst of trying to determine at what price it will convert old notes for new official ones. So rather than repudiating counterfeits, the normal route taken by central bankers, the CBS will buy them up and cancel them.\u201d<\/p>\n<p><strong>Practicalities aside, the situation in Somalia raises a fundamental economic question th<\/strong><strong>at has never been satisfactorily answered, Konig argues; why is fiat money valuable?<\/strong> \u201cOne famous answer to the riddle of fiat money is that governments use force to ensure that fiat money is valued. But this can't be the case in Somalia: it hasn't had a government since 1991, yet shillings continue to be accepted. <strong>A second answer<\/strong> is that once money is valued\u2014say because it a central bank has been pegged to an existing store of value like gold\u2014then once the central bank disappears and the anchor is lost, those orphaned notes will continue to have value by dint of pure inertia and custom. This theory certainly seems to fit Somalia's experience. <strong>The last theory<\/strong> is that when a central bank is destroyed, the money it issues will quickly become worthless... unless citizens expect a future central bank to emerge and reclaim the orphaned currency as its own.\u201d Koning, who believes that \u201cintroducing a new paper currency is a bad idea,\u201d says the second and third theories seem to fit the data.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Possibly the strangest monetary phenomenon in the world: Somalia, quite possibly, has the world\u2019s strangest monetary phenomenon, JP Konig argues on his blog. Konig calls its currency, the Somali shilling, an \u201corphaned\u201d one as it exists without a central bank. Although the Central Bank of Somalia and the national government ceased to exist when a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":648622,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12012],"tags":[72,2380,12011,12010],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-648621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-the-weekend-edition","tag-enterpriseam","tag-speed-round","tag-speed-round-the-weekend-edition","tag-the-weekend-edition","wpautop","entry"],"acf":{"mongo_id":"e221bc99-732d-4bc4-8925-f4885df37d9e","order":"0","is_powered_by":true,"section_story_id":"894e12bc-8a48-47ab-88a0-b60c5943a97b","story_type":"1","photo_url":"https:\/\/ent.news\/2017\/4\/2065.jpg","photo_position":"above","related_issue":[648605],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Somalia\u2019s central bank-less, mostly fake paper currency - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/04\/07\/somalias-central-bank-less-mostly-fake-paper-currency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Somalia\u2019s central bank-less, mostly fake paper currency\" \/>\n<meta property=\"og:description\" content=\"Possibly the strangest monetary phenomenon in the world: Somalia, quite possibly, has the world\u2019s strangest monetary phenomenon, JP Konig argues on his blog. 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The bank has already received regulatory approval from the Somali Central Bank to establish a representative office in Mogadishu, and\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575997,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/05\/covid-has-fast-tracked-sweden-into-cashlessness-and-lawmakers-are-struggling-to-manage-risks\/","url_meta":{"origin":648621,"position":4},"title":"Covid has fast tracked Sweden into cashlessness and lawmakers are struggling to manage risks","author":"enterpriseam admin","date":"5 November 2020","format":false,"excerpt":"Sweden is going cashless \u2014 whether their central bank is ready or not: In a country where even children\u2019s pocket money is digital, the hidden risks of going completely cashless are at the forefront of lawmakers\u2019 minds. Digital networks failing or cyberattacks could lead to serious problems in the country\u2019s\u2026","rel":"","context":"In &quot;Worth reading&quot;","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/70.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":659342,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/26\/somali-president-hassan-sheikh-mohamuds-cairo-visit-sees-egypt-somalia-relations-raised-to-strategic-partnership\/","url_meta":{"origin":648621,"position":5},"title":"Somali President Hassan Sheikh Mohamud\u2019s Cairo visit sees Egypt-Somalia relations raised to strategic partnership","author":"enterpriseam admin","date":"26 January 2025","format":false,"excerpt":"The two leaders signed agreements to elevate Egypt-Somalia relations to a strategic partnership and emphasized regional stability and bilateral collaboration","rel":"","context":"In &quot;Diplomacy&quot;","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1754.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/648621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=648621"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/648621\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/648605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/648622"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=648621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=648621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=648621"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=648621"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=648621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}