The Central Bank of Somaliland has denied reports that it recently devalued the local currency.
Central Bank issued the denial following a recent accusation by Ismail Ahmed, the founder of the globally acclaimed World Remit.
On September 23, Ahmed posted on Facebook that the Central Bank printed more Somaliland Shillings.
Further, he accused the Central Bank of releasing more electronic money into the local market as part of efforts to shore up the economy.
On Monday, the Central Bank rebutted the accusations of World Remit’s Chief Executive Officer (CEO).
“We will take legal action against the World Remit CEO,” the Central Bank said in its statement.
The Central Bank further indicated that the last time it printed and released new currency into the market was 7 years ago.