The deputy finance minister, Abdi Ibraahim Warsame Qowdhan
Garowe (RBC News) The panel for assessing decline of the exchange of US dollar in puntland markets is optimistic about recent trends which show that dollar is regaining its strength.
The deputy finance minister, Abdi Ibraahim Warsame Qowdhan, who’s also chairing this panel said that they have made concerted efforts in addressing the decline of the dollar which have been felt throughout puntland.
He also mentioned that the restriction of the exportation of Somali shilling outside puntland has contributed to maintaining adequate money in the markets which as he said “helped the dollar to bounce back to its old transaction rates” and thanked other member of the panel who took part in stabilizing foreign exchange markets.
Qawdhan, a member of this panel spoke about recent economic downturn which is felt in Bosaso suggesting that it could be due to Mogadishu and Kismayo ports resuming their normal activities which may have caused the diversion of some comercial vessels to these two ports.
Puntland has experienced in recent days a sharp fall of the US Dollar exchange rate to Somali Shilling however, prices of normal food commodities didn’t change.
RBC News
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