Somalia plans to release new 1,000-Shilling notes by 2024.
Dr. Ali Yassin Sheikh Ali, the Deputy Governor of the Central Bank of Somalia, announced the plans on Wednesday.
He confirmed that the government of Somalia intends to make the notes a legal tender in 2024.
According to Dr. Ali, this move would be necessary for ensuring that the government deals decisively with counterfeit bills and inflation.
The government also seeks to stymie all manner of illicit activities with this development.