Re:Bringing Back the Somali Shilling
by roywiggins on Friday April 05, 2024 @12:34PM
(#39944411)
> when I searched for the exchange rate online, everywhere says $1USD converts to about 575 SOS (Somalian Shillings). Can anyone here enlighten me about what's going on with the shillings?
Official exchange rates and actual exchange rates can diverge a lot[0]. Here's the UN's estimates of exchange rates (for, I think, internal accounting purposes- not something to particularly rely on), which puts the rate at 24,300 shillings to the dollar.
[0] often this means that you can easily legally sell dollars for the currency at the official rate (ie, at a huge markup), but good luck buying dollars with the currency at the official rate. Maybe you can in very small amounts, or if you are politically connected.
Official exchange rates and actual exchange rates can diverge a lot[0]. Here's the UN's estimates of exchange rates (for, I think, internal accounting purposes- not something to particularly rely on), which puts the rate at 24,300 shillings to the dollar.
https://treasury.un.org/operationalrates/OperationalRates.ph...
[0] often this means that you can easily legally sell dollars for the currency at the official rate (ie, at a huge markup), but good luck buying dollars with the currency at the official rate. Maybe you can in very small amounts, or if you are politically connected.