Authorities in the semiautonomous state of Puntland have responded appropriately to rescue the depreciating Somali Shilling (SOS).
Last week, President Said Abdullahi Deni appointed a team of experts to evaluate the fiscal difficulties the region is currently going through.
Deni appointed Abdirahman Farole, a current Senator in the Upper House and former President of Puntland, to head the committee.
On January 16, the committee released its first report on the situation.
In its report, the committee listed the measures the region has to take to rescue the dwindling Somali Shilling (SOS).
Among the measures to be taken include depositing hundreds of billions of SOS at the Central Bank of Puntland.
With this move, the region would reduce the number of SOS floating in the market.
Furthermore, the committee recommended charging a 20 percent tax at Bosaso Port in SOS. For long, the government collected this tax in United States Dollar (US$).