The Somalian Central Bank has said it will resume printing currency shortly. The Central Bank was not operational between 1991 and 2009 and still has no control over monetary policy. Working with the International Monetary Fund, the initial phase will see only 1,000 shilling notes – equivalent to about US$0.05 – printed.

With the exception of some 1,000 shilling notes, pre-1991 banknotes have all but disappeared from Somali markets. To the extent Somali currency is used, it is mostly counterfeit notes. Some estimates indicate that 98% of Somali notes in circulation are fake.

The main currencies in use are US dollars and electronic Western currencies. In particular, remittances from outside Somalia are estimated at US$1.4bn – what could be one quarter of Somalia’s total GDP.