BOSSASO, Somalia Mar 7 (Garowe Online) - The U.S. dollar exchange rate has dropped significantly in Somalia's northern State of Puntland after months of hyperinflation sparked food riots, Radio Garowe reports.
One U.S. dollar was exchanged for 29,000 Somali Shillings in Puntland's major towns on Friday, including the commercial port city of Bossaso, the region's economic hub.
The new government of Puntland President Dr. Abdirahman Mohamed "Farole" has stopped corrupt practices inherited from the previous administration, which used to exchange Somali Shillings for U.S. dollars at local markets.
Some of the Somali Shillings were illegally printed inside Puntland, until local Muslim sheikhs interfered on behalf of the public to stop the illegal and economically destructive practice.
"The Puntland government has paid all civil servants and food for government security forces, since more information is being collected on the security forces," said a source at the Ministry of Finance.
The exchange rate was worst in Aug. 2008, when $1 U.S. dollar was exchanged for 35,000 Somali Shillings, leading to skyrocketing prices at local markets for household goods.
In July that year, food riots erupted in Garowe, the capital of Puntland, and other major towns in response to hyperinflation.
Source: Garowe Online
Dear Leader Cabdiraxman Faroole turns around Economy!
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paidmonk
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Captain24
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Re: Dear Leader Cabdiraxman Faroole turns around Economy!
Paidmonk, As an official representative of Ciise Riyoole, I wanted to ask you if Faroole wants foot soldiers? You know you said that he doesn't need them, but what happens if brain dead bantus from the south tried to attack?
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paidmonk
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Re: Dear Leader Cabdiraxman Faroole turns around Economy!
who can attack Puntland?
Reer Hutu should worry about Shabaab coming to their doorsteps.
Puntland is safe and its also a bad time to wage war with the khat nation.
Reer Hutu should worry about Shabaab coming to their doorsteps.
Puntland is safe and its also a bad time to wage war with the khat nation.
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Captain24
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Re: Dear Leader Cabdiraxman Faroole turns around Economy!
So, Where does the Faroole's biggest support within Puntland is coming from, aside from Garowe?
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Amethyst
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Re: Dear Leader Cabdiraxman Faroole turns around Economy!
paidmonk wrote:
Some of the Somali Shillings were illegally printed inside Puntland, until local Muslim sheikhs interfered on behalf of the public to stop the illegal and economically destructive practice.
Paidmonk, do you know if they've made any changes to the currency since then or confiscated the printers used all together. Anything about the fate of those people Printing? Its Nice to see religion used to its best efficiency: Stopping wrong-doing! What else besides stopping counterfeits has Faroole done....any policies or laws now in place that differs a bit from Cadde? This guy's moving at the Obama rate. lol.
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paidmonk
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Re: Dear Leader Cabdiraxman Faroole turns around Economy!
Captain,
Everyone likes Faroole unlike Cadde Musse, there is no particular group. Tuute used to arm clans against other clans, he fattened his own pockets, and destroyed Puntland credibility. Faroole is restoring the state and even I now believe in Puntland. He's beloved not because of his clan but because of his work.
Amethyst,
You're right, he's our Obama. His strategy in rebuilding the currency was to stop counterfeiting altogether, which he has done, and I don't know about the fate of those men, I'm sure they were government-tied and he could do nothing to bring them to justice. His biggest policies were political - like making Puntland the biggest political power in Somalia, and stopping human trafficking and also launching a hearts & minds campaign to reunite Puntland. There is now almost no crime or violence in Puntland's major cities.
Everyone likes Faroole unlike Cadde Musse, there is no particular group. Tuute used to arm clans against other clans, he fattened his own pockets, and destroyed Puntland credibility. Faroole is restoring the state and even I now believe in Puntland. He's beloved not because of his clan but because of his work.
Amethyst,
You're right, he's our Obama. His strategy in rebuilding the currency was to stop counterfeiting altogether, which he has done, and I don't know about the fate of those men, I'm sure they were government-tied and he could do nothing to bring them to justice. His biggest policies were political - like making Puntland the biggest political power in Somalia, and stopping human trafficking and also launching a hearts & minds campaign to reunite Puntland. There is now almost no crime or violence in Puntland's major cities.
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Captain24
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Re: Dear Leader Cabdiraxman Faroole turns around Economy!
Faroole got my ultimate respect when him and Cadde muse were about to fight. Faroole could have recruited mad Ciise Riyoole goat herders from Garowe, but he calmed the Ciise Riyoole and he left to Australia.
Had it been Abdullahi Yusuf, he would have borough Biciidyahan, Cumar mohamud and Reer Mohamud foot soldiers to attack Cadde Muse

Had it been Abdullahi Yusuf, he would have borough Biciidyahan, Cumar mohamud and Reer Mohamud foot soldiers to attack Cadde Muse
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Amethyst
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Re: Dear Leader Cabdiraxman Faroole turns around Economy!
Govnt tied, eh? Hmm. I can def. see how it makes the re-shuffling process difficult altogether, especially as I suspect that there's tons of nepotism involved. Btw, I havnt heard much about the transitory process for him. Is Cadde around to pick up where he left off, in terms of anything govn't related or has he disappeared to Bari with no return? Do you know about that Hospital thing they opened a few weeks back, whether that was something that had been in process during his admin, or if its all on Faroole from initiative to action? Yeah, Politics are and will be the biggest hurdles.paidmonk wrote:
Amethyst,
You're right, he's our Obama. His strategy in rebuilding the currency was to stop counterfeiting altogether, which he has done, and I don't know about the fate of those men, I'm sure they were government-tied and he could do nothing to bring them to justice. His biggest policies were political - like making Puntland the biggest political power in Somalia, and stopping human trafficking and also launching a hearts & minds campaign to reunite Puntland. There is now almost no crime or violence in Puntland's major cities.
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