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Culture of Somalia
The shilling (English), shilin (Somali, also شلن) 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 سنت) or centesimi (Italian).
The shilling has been the currency of parts of Somalia since 1921, when the East African shilling was introduced to British Somaliland. In 1962 (following independence in 1960), the somalo of Italian Somaliland and the East African shilling (which were equal in value) were replaced at par by the Somali shilling. Names used for the denominations were cent, centesimo (plural: centesimi) and سنت (plurals: سنتيمات and سنتيما) together with shilling, scellino (plural: scellini) and شلن.
Starting in 1975, Somali names written in the Latin alphabet were introduced: shilin and sent, with the name for the subunit in the Arabic script reduced to سنت. The Italian names disappeared at this time and the English names only persisting on the banknotes. The Italian name scellino reappeared on some of coins in 2000. The spelling of the subunit today remains unknown as no coins of less than 1 shilling have been issued recently.
Following the breakdown of central government, the breakaway region of Somaliland has issued a currency, the Somaliland shilling. Other regional currencies as well as the U.S. dollar and euro also circulate.
Initially, coins of the East African shilling and somalo circulated. In 1967, coins were issued in the name of the Somali Republic in denominations of 5, 10 and 50 cents/centesimi and 1 shilling/scellino. In 1976, when the Somali names for the denominations were introduced, coins were issued in the name of the Democratic Republic of Somalia for 5, 10 and 50 senti and 1 shiling.
Since 2000, coins in denominations of 5, 10, 25, 50 and 100 shillings have been issued in the name of the Republic of Somalia. However, this issue of coins has never been in circulation inside Somalia, and it is unclear by who it has been produced as there have been no governmental authorities anymore since 1991. The legends on these coins are written in the colonization languages English and Italian, despite the fact that the official languages of Somalia are Somali and Arabic. Most have been issued as commemorative coins such as the Chinese astrology series or as part of the F.A.O. issue.
In 1962, the Banca Nazionale Somala issued notes for 5, 10, 20 and 100 scellini/shillings. In 1975, the Bankiga Qaranka Soomaaliyeed (Somali National Bank) introduced notes for 5, 10, 20 and 100 shilin/shillings. These were followed in 1978 by notes of the same denominations issued by the Bankiga Dhexe Ee Soomaaliya (Central Bank of Somalia). 50 shilin/shillings notes were introduced in 1983, followed by 500 shilin/shillings in 1989 and 1000 shilin/shillings in 1990. Also in 1990 there was an attempt to reform the currency at 100 to 1, with new banknotes of 20 and 50 new shilin prepared for the redenomination [1].
The situation of the currency in Somalia is unknown, but as in Afghanistan before 2002, banknotes of the old issue of 5, 10, 20, 50, 100, 500 and 1000 shilling are probably being produced without honouring the serial numbers. In the south, only the 1000 shilin note remains in circulation today. All other denominations having disappeared. In the more peaceful, northern areas of the country, the 500 shilin note can also still be seen in circulation.[citation needed]
Free market rates in southern Somalia:
However, there is substantial debate as to the validity of the actual exchange rate. Some regard 1,430.45 SOS/USD as the true exchange rate.[4]
1.5 economy is up 2006 but now Somali lost 1.3.5
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