Somali Shilling

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. The shilling (English), shilin (Somali, also ¿¿¿) or scellino (Italian) has been the currency of Somalia since 1962. The ISO 4217 code is SOS. It is subdivided into 100 cents (English), senti (Somali, also ¿¿¿) or centesimi (Italian). Rival producers of Somali shillings emerged after 1991. These included the Na shilling, which failed to gain widespread acceptance, and the Balweyn I and II, which were forgeries of pre-1991 bank notes. A competition for seigniorage drove the value of the money down to about $0.04 per SoSh (1000) note, approximately the commodity cost. Consumers have refused to accept bills larger than the 1991 denominations, which has helped to stop the devaluation from spiraling further. The pre-1991 notes and the subsequent forgeries are treated as the same currency. It takes large bundles to make cash purchases. United States dollar is often used for larger transactions.