Puntland President, Speaker Get Their Share from Counterfeit Money Printing Machine, Says MP

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Tuesday August 08, 2017 - 14:56:03 in Latest News by
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    Puntland President, Speaker Get Their Share from Counterfeit Money Printing Machine, Says MP

    BOSASSO (Somali Update Online) — A Member of the Parliament of Somalia's semi-autonomous state of Puntland has blasted how the region's president and the speaker of the parliament benefited from a secret counterfeit printing machine i

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Puntland President Abdiweli Gaas [right], Speaker of Parliament Ahmed Ali Hashi [left] and his deputy Abdihamid [centre]. | Combined picture.
BOSASSO (Somali Update Online) — A Member of the Parliament of Somalia's semi-autonomous state of Puntland has blasted how the region's president and the speaker of the parliament benefited from a secret counterfeit printing machine in Bosasso which produces billions of fake Somali shillings every month.
The outspoken lawmaker Burhan Adan aw-Abdi said when printed, the counterfeit money is traded with U.S Dollars by unscrupulous businessmen in Bosasso.
In the past two months, there have been soaring inflation that hit the low-income families' livelihood in many parts of Somalia including those in Puntland as a result of the huge influx of the counterfeit money sent in circulation without the legal sanction of the country's Central Bank.
In early July, Businessmen in central Somalia regions and in Puntland towns rejected to trade with the Somali shilling alleging that it was faked.
A spot check by Somali Update Online shows the rate of the Somali shilling when traded increased nearly 200 per cent since March compared to two years ago in Puntland.
The circulation of the fake money also reached south and central regions floating the rate of the foreign exchange and eventually prompted high price of the staple food and calling for street protests in Bosasso, Beledweyn and Galkayo towns recently. 
"The printing of such huge counterfeit currency has resulted new burdens, both economic instability and insecurity. The people are facing hard lives. Many citizens cannot meet their basic needs today due to inflation caused by the the fake paper monies." Said the Puntland MP as he spoke to the local media.
PRESIDENT AND SPEAKER'S SHARES
He said, Puntland President Abdiweli Mohamed Ali Gaas, Speaker of Puntland Parliament Ahmed Ali Hashi and his deputy Abdihamid Sheikh Abdisalam had been reaping benefits from the huge cash since they are the shareholders of the secret illegal business.
"The president, the speaker and his deputy are all members of the shareholders of the illegal business operating in Puntland." MP Aw-Abdi added.
President Gaas who several occasions faced parliamentary questioning has denied the existence of counterfeit money printing machine in Bosasso, saying that it was rumours spread by "the enemy of Puntland".

But in a damning confession, former Puntland Deputy Minister of Finance Ahmed Yasin Salah said the money printer machine has been operating in Bosasso with the knowledge of senior Puntland officials, including his ministry.
"The money orinter machine existed and was located in Bosasso. We knew it as we were thinking that it would not such much affect the local economy." he said in an interview with Somali Cable TV.
The interview was aired shortly before Mr. Salah was sacked from his position as Deputy Minister of Finance. He has fled Puntland since then for fear of his life, according to sources in Puntland.
According to other sources within Puntland government, who are familiar with the matter confirmed that local businessmen were operating the money printer machine on behalf of the shareholders.
In a report in November last year, the United Nations Monitoring Group on Somalia and Eritrea (UNSEMG) slammed Puntland President Abdiweli Ali Gaas for destabilizing the economy by printing counterfeit currencies.

 - SOMALI UPDATE ONLINE -


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