Anti-inflation Protests Bring Businesses in Garowe to a Standstill

Garowe (PP News Desk) — As the currency depreciation and associated inflationary pressures in Puntland continue to affect citizens’ lives, a large number of people in Garowe took to the streets to express their dismay over Puntland Government’s inability to rein in the inflation.

The impact of the currency depreciation is made worse by the decision of businesses not to accept the Somali shilling for transactions. Shops and other retail outlets in Garowe remain closed.

Protestors in Garowe: Inconsistency in Puntland Government’s measures against currency depreciation fuels protests.

The business community accuses the Puntland Government of collecting taxes only in dollars, a decision, they allege, that forced them to use only the dollar for transactions.

“I have 50 million Somali shillings I earned but I cannot buy anything because the Somali shilling is worthless in the eyes of businesses in Garowe” a mason told Puntland Post.

Two weeks ago the Puntland Government Committee tasked to recommend solutions to the currency depreciation and inflation published  guidelines in vain for business about the use of the Somali shilling for transactions.

The Puntland Government has yet to open  currency exchange centres where citizens can buy dollars, as recommended by the Committee.

Recently President Said Abdullahi Deni said his Government was aware that money changers buy dollars and do not sell dollars in exchange for the Somali shilling.

© Puntland Post, 2020