Monetary and Exchange Rate Policies 1960-2001

Much has been written about Somalia in the last fourteen years; about its history, politics, civil war, famine, clans, warlords, the failure of the U.S. intervention, but little has been written about the monetary aspect of the Somali crisis. The author, a former director general of Central Bank of Somalia, contends that it was the currency chaos that contributed to the fall of the Somali government in 1991, and that still keeps the civil war going on in the country. He provides some insight into the past monetary experience of Somalia and offers a straightforward solution: take the privilege of printing money away from the hands of the Somali political leaders, and then you will have stability in the country.

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