Somali
Country:
Somalia
Language: Somali
Exploration: Transactions
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Banking
Somalia has been without commercial banking and financial institutions since the overthrow of Siad Barre’s government in 1991. With no government to issue banknotes, every Somali that can afford it prints his own money.


Hawala
Some estimates say that relatives living abroad have sent about 23% of Somalia ’s income there. However, without banks or a central government, how does the money get there? In the absence of traditional banking systems, Somalis now use the hawala system to move money from one place to another. Hawala is a traditional way of transferring money between members of a single community, based on trust.


Inflation
Going to the market? Take your money in a box. No, it does not mean you are planning the purchase of a tank. Yes, tanks are available on the market, but only for dollars or euros. The price of a Kalashnikov rose from $130 in 1999 to $200 in the year 2000, and it currently exceeds $270. In present-day Somalia, there is no use for a wallet. Wallets were never popular and money, typically, was carried around in pockets. In 2004-2005, a box of money or a large shopping bag is needed to buy most ordinary objects for everyday use.