This has to be false

[Apollo]

These Somali Shilling rates you see on forex websites are some kind of fraction of the Somali Shilling or some kind of ratio.

The chart and direction the Shilling is trading at are correct, but the numeric value is not.

 

[syntax]

These Somali Shilling rates you see on forex websites are some kind of fraction of the Somali Shilling or some kind of ratio.

The chart and direction the Shilling is trading at are correct, but the numeric value is not.

And what is your source?

 

[Apollo]

And what is your source?

I have been to Somalia several times the past couple of years.
The Shilling has been gaining value against the dollar as these charts show, but the exact numeric value against the USD is incorrect. I assume it is some kind of ratio.

 

[Geeljire]

@syntax Perhaps this has to do with the value of the somali currency being appreciated


Somalia: The value of Somali currency has appreciated, still holding gains

April 6, 2014 – Somalia Financial Market: Improving security over the past year has encouraged native Somalis to return to the country, bringing foreign currency with them, said Ben Payton, senior Africa analyst at London-based risk analysis company Maplecroft.

The Somali shilling, Somalia’s official currency, has overcome such disadvantages to appreciate against the US dollar by just under 60 per cent since March last year, becoming the strongest among global 175 currencies tracked by Bloomberg. Its surge has been so pronounced that the second most robust currency over the same period – the Icelandic Krona – could only manage a measly 10.2 per cent rise.

- See more at: http://www.geeskaafrika.com/somalia...till-holding-gains/2166/#sthash.ze345eAR.dpuf

I guess last years increase in investments ,foreign currency and the improvement in security has a bit do with the change in the exchange rate

 

[syntax]

True @Amun . I think a logical explanation to the surge of the Somali shilling would be related to the rise of the supply of US dollars. I'm sure you've noticed back home a lot of people use the US Dollar. As more people use the USD, and the supply of our shilling goes down in relation the USD, this would appreciate our currency. IDK i think that's what probably happened

Edit: @geeljire lool u beat me to it

 

[Apollo]

2004 was the worst year for the Somali Shilling, lowest value against the dollar but the trajectory has changed since then (source fxtop.com).

PS. Siyaad Barre fucked up big time.

Year Average USD/SOS
2015 681.47505
2014 1082.112333
2013 1405.693236
2012 1616.121912
2011 1614.451244
2010 1559.352601
2009 1416.624296
2008 1366.302843
2007 1342.502869
2006 1429.909242
2005 2594.605243
2004 2744.627018
2003 2616.134941
2002 2609.28135
2001 2622.348708
2000 2627.41018
No data
1990 476.119812 End Siyaad Barre Era
1989 519.865242
1988 187.876631
1987 97.563663
1986 65.055686
1985 36.921964
1984 21.108724
1983 17.197626
1982 11.910279
1981 7.419765
1980 6.51523
1979 6.295
1978 6.295
1977 6.295
1976 6.295
1975 6.295
1974 6.295
1973 6.2815
1972 6.980125
1971 7.12856
1970 7.14286
1969 7.14286 start Siyaad Barre Era
1968 7.14286
1967 7.14286
1966 7.14286
1965 7.14286
1964 7.14286
1963 7.14286
1962 7.14286
1961 7.14286
1960 7.14286

 

[Unionist]

So did anybody ask their family about this?

 

[Tenacious]

Last I was in Xamar was July and 1US= 22,000 shilling

 

[syntax]

Yeah this 600 exchange rate seems bs

 

[Tenacious]

According to Google 1US=627.73. If it will benefit the poor than I hope for their sake its true.