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Somali Shilling (SOS)

Somali Shilling (SOS)
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What Is the Somali Shilling (SOS)?

SOS is the currency condensing or currency symbol for the Somali shilling, the official currency of Somalia that is issued and managed by the country's central bank. Banknotes of the currency are issued in denominations of five, 10, 20, 50, 100, 500, and 1,000 shillings. It likewise flows in the accompanying coins: 1, 5, 10, and 50 senti, as well as one, five, 10, 20, 50, and 100 shillings.

Figuring out the Somali Shilling (SOS)

Somalia is situated in Northeast Africa and has utilized different currencies throughout the last century. The SOS became legal tender all through the country after Somalia acquired independence from British and Italian settlement rule. In 1962, the somalo and East African shilling were supplanted at par by the Somali shilling, making it the official currency of Somalia.

The currency is administered by the Central Bank of Somalia, which was laid out in 1960. The bank's objectives are to foster monetary stability, keep up with the internal and outer value of the Somali shilling and advance credit and exchange conditions that add to the balanced growth of the economy.

Civil war and political agitation have prompted wild vacillations or volatility in the SOS exchange rate. Since the mid 2000s, the SOS exchange rate has changed between 550 SOS to one USD to north of 3,000 SOS to one USD.

Worth of the Somali Shilling (SOS)

As of Sept. 2, 2021, the estimated month to month living costs without rent for a family of four in Somalia are 911,739 SOS, while a single person's living costs without rent are 264,256 SOS. The cost of living in Somalia is on average 51% not exactly in the U.S. One gallon of milk costs 2,933 SOS and a portion of bread costs 341 SOS.

The average salary of a working person in Somalia is 259,000 SOS each month and the salaries range from 65,600 SOS to 1,160,000 S0S (most minimal and highest average). Fifty percent of employees in the country earn 244,000 SOS or less.

Somalia Economy

In spite of the fact that Somalia is an independent nation today, it has been under duress from war and civil agitation, particularly during the 1990s. The economy was hit hard because of this time in the nation's history and it negatively affected the currency.

In terms of the nearby economy, Somalia is dependent on agriculture and manufacturing, with products like maize, bananas, sugar, and fish accounting for a large amount of income. The most critical sector for Somalia is agriculture, with animals accounting for around 40% of gross domestic product (GDP) and half of export earnings.

The country has all the earmarks of being on a path of recovery as it has encountered a period of stability both politically and institutionally. There was a provisional constitution made in 2011 and the foundation of a federal government in 2012, trailed by the creation of four new federal member states that have redrawn Somalia's federal guide and made the space for political stability.

Features

  • The Somali shilling (SOS) is the currency of the country of Somalia and is issued and managed by the Central Bank of Somalia.
  • Civil war and political distress have prompted wild variances or volatility in the SOS exchange rate over its history.
  • The Somali shilling comes in banknotes of five, 10, 20, 50, 100, 500, and 1,000 shillings and coins of 1, 5, 10, and 50 senti, as well as one, five, 10, 20, 50, and 100 shillings.