The Minister of Finance announced the formation of a joint committee, comprising representatives from the Ministry of Finance and Economic Development and the Central Bank of the Republic of Somaliland to evaluate the general economic situation.
The formation of the committee, which was announced on Thursday during the weekly cabinet meeting chaired by President Abdirahman Irro, signifies a proactive approach to addressing key economic challenges.
This committee will focus on advising the government on the general economic condition of the country, with particular attention to a number of issues.
Inflation Control
The committee will be responsible for developing strategies to stabilize prices, particularly for essential goods and services, to mitigate the impact of inflation on citizens.
Exchange Rate Fluctuations
It will investigate ways of implementing measures to manage currency value changes and ensure stability in the foreign exchange market, which is crucial for trade and economic growth.
By combining the expertise of fiscal and monetary authorities, this initiative aims to enhance policy coordination and foster sustainable economic growth in Somaliland.
