Somalia seeks experts to replace old currency.

The Somali government seeks the service of Kenyan based currency expert seconded by the International Monetary Fund (IMF) to issue a new currency to replace the current old one.

The new currency is to set to help the central bank of Somalia to buil up reserve buffer in its currency as it looks to set up a central payment system and strengthen regulation of the country’s banking sector.

Starting with small denominations, the first phase of the reform plan will see the Somalia government print 752.5 million new notes, which it will then exchange for the Somali shilling notes currently in circulation.

The horn of the African state will print larger denomination notes and development of independent monetary policy instruments and reserve management guidelines in the second phase.

Somalia has not issued official currency notes since 1991, but Sh4.1 billion ($41 million) donor-funded currency reform plan is set to account for more than 90 percent of the money in circulation in the country.

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