Somaliland Government Raises Alarm Over The Influx Of Fake Dollars In Circulation From Neighbouring Countries

The Somaliland Central Bank Governor Ali Bagdaad has aknowledged with great alert the circulation of fake $50 notes in the country. He noted that the government has stepped up mechanisms to stem the ugly trend.

Ali Bagdaad, in a press statement, expressed that the development is very injurious to the countrys economy adding that the fake notes are obstructing the flow Of transaction.

He alleged that the black notes in circulation were criminally smuggled into the system and must as a matter of urgency be flushed out.

He also said the Somaliland Central Bank is using a detective system for tracking fake currencies that will also ensure the perpetrators are fished out by every means to block leakages and unwanted elements in the system.

He further called on other monetary related organizations and agencies such as Dahabshiil, Telesom And Money Exchange Bureaus in the country to stay on high alert in order to curb the ugly development.

Earlier on Wednesday, the circulation of the $50 note became a despicable conversations amongst the money exchangers and buisness owners as many launched virulent critisisms against the authorities for slacking up in the first instance