Somaliland is a self-declared independent country that lies in the Horn of Africa. It is located on the Southern coast of the Gulf of Aden. It shares its borders with Djibouti and Ethiopia,... the area of Somaliland is 68,000 square miles. Its capital and largest city are Hargeisa. There are three languages in Somaliland, Somali as official, Arabic, and English as second languages. Somaliland regained its independence from Britain on 26 June 1960 became the 15th country in Africa that has done so. However, its self-independence declared was not recognized officially by any country or any international organization. Its official currency is the Somaliland shilling.
The History of Somaliland Shilling.
The Somaliland shilling (SLSH) was first introduced on 18 October 1994. Somaliland was a territory of the United Kingdom, therefore, it was influenced by the term “shilling” that is mostly used at that time, especially by the United Nation. At that rate, the Somaliland shilling was 20 shillings equaled 1£. And 8,500 shillings to $1 by now.
The banknote denominations of the Somaliland shilling were issued from 5, 10, 20, 50, 100, 500, 1 000, and 5 000.
However, it stopped being a recognized currency on 31 January 1995. Because it still had been recognized as an international country. Also, some of its territories such as Ayn, Sanaag, and Sool ceased to use it. Because it had such a failure of the Somaliland shillings as a consequence of the weak government, very low funding of the tax collection, and there was not enough reverse when the shillings needed to be converted to the dollar.
Fortunately, the Somaliland shilling was still in circulation. However, some of its denominations were canceled, only 100 to 5 000 shillings are left.