The Central Bank of Somalia has confirmed that the Federal Government is planning to issue a new Somali Shilling currency. The plan is part of ongoing economic reforms and is supported by the International Monetary Fund (IMF).
The Governor of the Central Bank, Abdirahman Mohamed Abdullahi, made the announcement while responding to questions from government media following the Bank’s annual economic policy conference in Mogadishu.
He said the plan for the new currency was still in the early technical stages and that details would be announced once preparations were complete.
“The government has a plan to issue a new currency,” the Governor said, adding that more details would be forthcoming once the process was complete.
The IMF also issued a press release on July 9, 2025, after the IMF Executive Board concluded the third review of Somalia’s ECF program, stating that it was aware of the government’s plan.
“The authorities have continued their reform efforts despite internal and external challenges. It is important to proceed with caution in the process of repatriating the Somali shilling under a currency board arrangement,” said Nigel Clarke, IMF Deputy Managing Director and Chairman of the Board’s meetings.
The IMF has pledged technical support to the Central Bank of Somalia, particularly in currency design, monetary policy development, and enhancing public participation in the financial system.
The IMF also reaffirmed its support for the government’s plan to repatriate the Somali shilling under a “currency board” arrangement, which means that any money printed must be equal to the country’s foreign exchange reserves.
Somalia has not printed official currency for more than 30 years, since the collapse of the central government in 1991.
Today, most of the economy operates in US dollars and mobile phone bills, while the existing Somali Shilling has become obsolete or counterfeit.
