Somalia signs currency printing agreement with Sudan

January 11, 2010 (KHARTOUM) – A batch of new Somali currency will be printed in Sudan following an agreement signed in Khartoum today, Sudan state media reported.

The Managing Director of Sudan’s Currency Printing office Mohammed Al-Hassan Al-Bahi signed for Sudan Government while the Somali Finance Minister Sharif Hassan Sheikh signed for his government.

The cost of the printing process will top $17 million, SUNA reported

The Sudanese minister of Finance and national economy Awad Al-Jaz and the governor of Sudan’s Central Bank Saber Mohammed Al- Hassan were present at the ceremony.

Al-Jaz noted the “historical relations” between the two countries adding that the printing of the currency can contribute in realizing stability and development in Somalia. He said that Sudan’s experience in as a country emerging from conflict can be a good experience for Somalia.

The Somali minister hailed Sudan’s efforts in achieving peace saying that the presence of legal currency would contribute positively to the economy.

Somalia has been seeking Sudan’s help in rebuilding its government’s institution and security forces in a bid to assert control over the lawless country. The issue of currency was discussed during the visit of Sharif Hassan to Sudan last year.

Somalia has had no effective central government for 19 years. Regional and international efforts to install one have so far been undermined with rampant insecurity fueled by Al-Shabab Islamic insurgency.

(ST)