The Somali Shilling (SOS) is the official currency of Somalia, a country located in the Horn of Africa.
The currency is managed by the Central Bank of Somalia, which is responsible for issuing and managing the country’s currency supply.
The currency code of the Somali shilling is SOS, and the commonly used symbol is “Sh“.
History of the Somali Shilling
The Somali Shilling was introduced on 15 June 1962, replacing the East African shilling at face value, meaning that at that time 1 Somali shilling was equal to 1 East African shilling.
Prior to the introduction of the Somali shilling, the East African shilling was used as the official currency of Somalia, which remained a trust territory under Italian administration until it gained independence in 1960.
Denominations and Breakdowns
The Somali Shilling is divided into 100 smaller units called cents, but cent coins are no longer in circulation due to their lower value.
Coins are available in denominations of 1, 5, 10, 50, 100, 500 and 1000 Somali shillings and banknotes are available in denominations of 1,000, 2,000, 5,000 and 10,000 Somali shillings.
The graphics on Somali shilling coins and banknotes often depict local wildlife, cultural symbols and important historical figures and events, reflecting the country’s rich heritage and natural environment.
Exchange rate and economy
The exchange rate for the Somali Shilling may fluctuate based on a variety of factors, such as the country’s economic performance, inflation, and the supply and demand for the currency in international markets.
To find current exchange rates between the Somali Shilling and other currencies, you can consult a financial source or use a currency conversion tool.
Somalia’s economy is primarily based on agriculture, livestock farming, and remittances from the Somali diaspora.
However, the country’s long-term political instability, civil war, and years of lack of a functioning central government have severely affected its economic development.
Summary
The Somali Shilling is the official currency of Somalia and is administered by the Central Bank of Somalia. It was introduced in 1962, replacing the East African shilling at an equal price.
Currency is broken down into 100 cents, with coins and banknotes issued in various denominations.
Somalia’s economy is largely based on agriculture, livestock and remittances, but the country faces significant challenges due to political instability and a lack of central governance.
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