Money-printing scam resumes in Puntland

BOSSASO, Somalia Apr 12, 2008 - A ship loaded with special papers used to mint currency has docked at the port of Bossaso in northern Somalia, Garowe Online can report.

The ship's contents were unloaded last Thursday under heavy guard. Sources in Bossaso said the ship had been docked at the port for some time, but was allowed to unload only recently.

Gen. Adde Muse, the Puntland leader, had previously banned the minting of counterfeit Somali Shillings after hyperinflation in the region led to street protests.

Muse has now allowed the businessmen, who are contracted by the government of Puntland, to resume their illegal money-printing operation.

Last month, the ban on money-printing led to armed clashes between angry businessmen and Puntland security forces. Traditional elders had intervened to stop further bloodshed.

In Bossaso, locals complained about the exchange rate, which now stands at 3,000,000 Somali Shillings for 100 U.S. dollars.

The local price for food and other necessities has also reached new heights, making life difficult for poorer families.

Source: Garowe Online