The state where currency sells in kilos
Have you ever seen piles and piles of cash just lying around on the street?
(Web Desk) – Money is an essential commodity for everyone to help run their life. Exchanging goods for goods is an older practice and without any money, no one can buy anything as per his wish.
Money has gained its value because people are trying to save wealth for their future needs and to show their status.
Have you ever seen piles and piles of cash just lying around on the street?
Here in Somaliland, money vendors peddle their wares as if hawking fresh fruit and veggies on the street. Surprisingly in this state, currency notes are sold in kilos.
There is no doubt that money cannot buy everything but practically money is the basic thing that is used for calculating the status of any person.
Albeit, reason behind the selling of currency in the streets of Somaliland is very interesting.
According to natives, Somaliland emerged as separate state after the civil war in 1991 and is not recognized by any country internationally so far. Due to poverty, it could not establish government system and jobs for its people.
Somaliland shillings lost their value rapidly. Currently, the exchange rate is 8,500 to 9000 shillings per US dollar.
A decade ago, it was 5,000 shillings per US dollar while 50 kg shillings can be purchased with exchange of Rs 650.
It is also predicted that the currency will disappear soon, since the newly independent country is not stable, and the central bank does not manage the financial system well.
