By Asha Elmi - Reporter
Somalia, July 28 2026 – Somalia's long-delayed project to print and roll out new Somali shilling banknotes has entered an advanced stage after years of legal, financial and logistical preparations, senior government and central bank officials told Dawan Africa on Tuesday.
Finance Minister Bihi Iman Egeh said the government had made substantial progress in developing the monetary policy framework, reviewing Central Bank legislation, preparing technical and logistical plans and mobilizing financing for the project. He said a detailed implementation plan would be announced once preparations were complete.
Deputy Central Bank Governor Ali Yasin said preparations for issuing the new Somali shilling banknotes had been under way for about eight years. He said the nationwide rollout would require more than $70 million to cover printing the notes, reopening Central Bank branches, transporting the currency and establishing secure systems for its storage and distribution across the country.
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"Printing the currency is the easier part," Yasin said, adding that distributing and safeguarding the new banknotes would require extensive planning after nearly three decades without a fully functioning nationwide central banking network.
Central Bank Governor Abdirahman Mohamed Abdullahi said the bank had been working on the initiative for years and would announce a timeline for issuing the new Somali shilling banknotes once the remaining technical and operational requirements had been completed.
The officials spoke to Dawan Africa on the sidelines of the Central Bank of Somalia's Fourth Annual Economic Policy Conference in Mogadishu.
Officials said the project is intended to strengthen Somalia's monetary system, improve financial stability and support broader efforts to modernize the country's financial sector. No date has yet been announced for issuing the new banknotes.