Somali Shilling (SOS)
Tue, Apr 15The Somali Shilling (SOS) serves as the official currency of Somalia, a nation situated in the Horn of Africa. The Central Bank of Somalia oversees the currency, handling the issuance and management of the country's money supply. The currency code for the Somali Shilling is SOS, and it is commonly represented by the symbol “Sh“.
The Somali Shilling was launched on June 15, 1962, replacing the East African Shilling at an equal value, meaning that 1 Somali Shilling was equivalent to 1 East African Shilling at that time. Prior to the Somali Shilling's introduction, the East African Shilling was the official currency of Somalia, which was a trust territory under Italian administration until it achieved independence in 1960.
The Somali Shilling is divided into 100 smaller units known as cents, although cent coins are no longer in circulation due to their minimal value. Coins are available in denominations of 1, 5, 10, 50, 100, 500, and 1000 Somali Shillings, while banknotes come in denominations of 1,000, 2,000, 5,000, and 10,000 Somali Shillings. The designs featured on the Somali Shilling coins and banknotes often showcase local wildlife, cultural symbols, and significant historical figures and events, highlighting the nation’s rich heritage and natural environment.
The exchange rate of the Somali Shilling can vary due to several factors, including the country's economic performance, inflation, and the supply and demand for the currency in global markets. To check the current exchange rate between the Somali Shilling and other currencies, one can refer to financial sources or utilize currency converter tools. Somalia's economy primarily relies on agriculture, livestock, and remittances from the Somali diaspora. However, the prolonged political instability, civil wars, and the absence of a functioning central government for many years have significantly hindered its economic development.
The Somali Shilling is the official currency of Somalia, managed by the Central Bank of Somalia. It was introduced in 1962, replacing the East African Shilling at par. The currency is subdivided into 100 cents, with coins and banknotes issued in various denominations. The Somali economy is mainly based on agriculture, livestock, and remittances, but it faces considerable challenges due to political instability and a lack of central governance.
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