Currency Exchange Rates for Somali Shilling
Currency Exchange Rates for Somali Shilling- Currency Information on SOS – Somali shilling – Sh.So. The foreign exchange currency code for SOS represents the Somali Shilling exchange rate.
The somalo, used in Italian Somaliland, and the East African Shilling, were replaced at a 1:1 ratio by the Somali shilling in 1962. The currency is available in denominations of senti and shillings, with one shilling subdividing into 100 senti, or cents.
The Somali Shilling is the official currency of Somalia issued by the Central Bank of Somalia. It replaced the Somalo used in the Italian Somaliland and the East African Shilling used within the British Somaliland Protectorate at a ratio of 1:1 in 1962. Both the Italian Somalo and the East African Shilling had equal value at the time. The currency code of the Somali Shilling is SOS while its symbol is Sh. So.
It is issued in denominations of sentis (cents) and shillings. 100 sentis make one shilling. They are issued both as coins and notes. The coins issued include 1,5,10 and 50 senti coins as well as 1,5,10 and 25 shilling coins. Notes are issued in denominations of 5,10,20,50, 100, 500 and 1000 shillings.
During the civil war in the 1990s, the Central Bank of Somalia was shut down leading to disruption in the value of the Somali Shilling. This led local currency producers to produce other currencies such as the Na Shilling and Balweyo I and II. However, these currencies did not gain acceptance among the population hence are no longer in circulation. Somaliland - a self declared Republic within Somalia - uses Somaliland Shilling as its official currency. The international community does not recognize it as a legal tender and it has no exchange rates at the moment. It should not be confused with the Somali Shilling.
The US dollar is widely used in Somalia especially in large scale transactions since people don't have confidence in the Somali Shilling. No currencies have been printed in Somalia since the break out of the Civil War in the 1990s. This has led to increase in the amount of counterfeits in circulation. According to IMF, nearly 98% of the currency in circulation in Somalia is fake. This has led to increased use of foreign currencies especially the US dollar and mobile money to stem the shortage. However, with plans by the Central Bank of Somalia to print official banknotes, this may soon be a problem of the past.
GBP to SOS
Coins in denominations of 1, 5, 10 and 50 senti are issued, along with 1, 5, 10 and 25 shilling coins. Banknotes are issued in denominations of 5, 10, 20, 50, 100, 500 and 1,000 shillings. Bank Exchange Rates for Somali shilling. The foreign exchange rates for Somalia also known as the ISO code SOS . Send money transfer online with us with the cheapest options. Send Money Transfer to Somalia.