1.1 Dollar to Somali Shilling SOSH/$ (100)

Size: px

Start display at page:

Download "1.1 Dollar to Somali Shilling SOSH/$ (100)"

Eugene Cummings
7 years ago
Views:

1 Monthly Currency Exchange Report for April 2015 At the end of every month Goobjoog FM publishes monthly foreign currency exchange report in Somalia, especially with a focus on Mogadishu, the capital. Our analysis is based on currency market behavior in major markets in Somalia Key currencies in Somalia include the US Dollar, Euro, British Pound, Saudi Riyal, UAE Dirham, Ethiopian Birr, Kenya Shilling and Somali Shilling. The report would reveal the deference and fluctuation of the exchange in receiving and handing out. The report reveals currency fluctuation as illustrated in the EXEL analysis. Key terms in this report are buying and selling defined below as thus: Selling: This is when the bureau officer is selling his hard currency in the anticipation that the exchange rate will drop hence receiving money from the customer who wants money to be exchanged. Buying: This is when the one buys currency in anticipation that the rates would rise. 1.1 Dollar to Somali Shilling SOSH/$ (100) US dollar is the largest foreign currency in use in Somalia, because of its international standard as a currency of exchange. If the dollar rate goes up or down so do the commodities in the Somali markets. Dollar is popular among Somalis because the huge dollar amount in the markets, the increased services of remittance, the collapse of Somali Shilling and the lack of regulatory framework by the Central Bank of Somalia. From the year 2014 the US dollar has steadily stood ground against major currencies as seen in chart 1.1 below. The selling and buying rate of the dollar has remained consistent at a high of 2,050,000 SH/$100 from January Dollar is equivalent to 20,000SOSH There were no changes till the end of that month, and can be described as stable according to the following chart.

2 Sosh Chart 1.0: Sosh & Dollar: [(sosh/$)100] 2,270,000 Sosh/$(100) 2,260,000 2,250,000 2,240,000 2,230,000 bixin qabasho 2,220, APRIL,2015 table Pound To Dollar: $/ (100). Among the four major currencies in the world are Dollar and British Pound, and they are very popular in Somalia markets. According to our data there were no major changes in exchange rates in April 2015 as you would notice in the following chart of 1.2. Dollar to Pound was selling at a rate of $146/ 100 and buying rate was $145/ 100. This shows slight drop compared to the first month of the year which it stood at $152/ 100 selling and $153/ 100 buying.

3 See the below graph Graph 1.2 $/ (100). $ $ $ $ $ $ $ $ $ $ $ $/ (100) bixin qabasho April,2015 Jaantuska: table EURO TO DOLLAR (USD/EURO (100). The Euro is relatively popular in Somali markets and one of the most valuable currencies in the world, but it s not influential as the Dollar. There were no major changes in exchange rates, the Selling rate was $106/ 100 as the buying rate $105/ 100. See 1.3 graph below

4 Graph 1.3: Euro Vs Dollar: /$ (100)] $ $ $ $ $ $ $ $ $ $ $ USD/Euro (100) Bixin April,2015 Qabasho table: Ethiopia s Birr & US Dollar $/ETB (100). Ethiopian Birr is a popular currency in the Horn of Africa. In the year 2014 Birr gained significant strength against the dollar. In April the Birr traded at $5/100ETB selling and $4/100ETB buying See the graph below

5 Graph 1.4:ETB and Dollar: $/ETB (100)] $6.50 $6.00 $5.50 $5.00 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 bixin qabasho April,2015 Table: Saudi Riyal to the US Dollar (USD/SAR). In April 2015 the Saudi Riyal traded $26/100SAR in selling and $25/100SAR in buying according to the data we collected from different major markets in the country. There were no major changes in Riyal for the month of April, See below graph Graph 1.5:SAR and Dollar: $/SAR (100)]

6 USD $26.20 $26.00 $25.80 $25.60 $25.40 $25.20 $25.00 $24.80 $24.60 $24.40 : $/SAR(100) Bixin Qabasho April,2015 Table Kenya Shilling and US Dollar: [$/KSH](1000) Kenyan Shilling is well traded in Somalia markets given the proximity of Kenya to Somalia and the increased movement of people between the two countres which creates high demand for the Kenya Shilling. Kenya Shilling was trading at $11/1000KSH in selling and $10/1000KSH in buying. See below graph Graph 1.6: [$/KSH]1000 $11.50 $11.00 $10.50 bixin qabasho $10.00 $ April,2015 Table1.6

7 1.7 UAE Dirham to the US Dollar $/AED (100). UAE s Dirham has a great significance in Somalia as the UAE is the biggest trading partner for Somalia. Almost all commodities coming to Somalia is from Dubai. In April 2015 Dirham traded in Somalia markets $27/100AED in selling and $26/100AED in buying. Dirhamku waa mid ka mid ah lacagaha ugu caasan ee laga isticmaalo dunida carabta gaar ahaan imaaraatka carabta lacagtaasi sidoo kale waxay ka mid tahay lacagaha lagu sarifo suuqyada lacagaha qalaad ee muqdisho ku yaal. See the graph below Graph 1.7: AED and Dollar: $/AED (100)] $27.50 $27.00 $26.50 : $/AED(100) $26.00 $25.50 $25.00 $24.50 Bixin Qabasho JAN,2015 Table 1.7

Opening Diaspora Account

Opening Diaspora Account What is Diaspora Account? It is a deposit account targeted for Ethiopians in Diaspora to open and use foreign currency account at home country. Individuals and companies can open