Somalia to print new banknotes for first time in 25 years

Somalia is to print new banknotes for the first time in 25 years. The old ones are being removed from circulation to tackle counterfeiting.

Somalia has not printed any banknotes since it descended into a bitter civil war in 1991. The majority of banknotes circulating in the country are thought to be fake.

The International Monetary Fund will help the country issue the new notes.

"About 98% of the currency circulating in the country is fake," Samba Thiam, the IMF's country head, said in an interview earlier this month.

"The remaining 2% is currency printed during 1990-91, still circulating, but in very bad shape."

The move was announced weeks after the country's parliament and an upper house elected a new president, Mohamed Abdullahi Mohamed, in landmark election.

In February, the governor of Somalia's central bank, Bashir Issa Ali, said the new banknotes would include "good, reliable security features".

"We have prepared all the issues and all the basic groundwork, and put in place the technical requirements," he told VOA.

It is believed the government would need around $60m (£49.5m) to be able to print new banknotes. "We expect the international community to assist us with that issue," Ali continued.