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World Remit boss accuses Somaliland Central Bank of printing new shillings to devalue currency
The founder and chairman of World Remit, Ismail Ahmed, has accused the Central Bank of Somaliland of printing new Somaliland shillings and releasing electronic money into the market, which has caused the devaluation of the Somaliland shilling. In a Facebook post on September 23, the chairman of the International Money Transfer urged the Somaliland government to address the extreme devaluation…
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Kenya Airways suspends Mogadishu flights amid competition from Somali carriers
Kenya Airways (KQ) will suspend all passenger flights to Mogadishu, Somalia, starting October 14, 2024, due to operational challenges. The announcement was made by KQ's Group Managing Director and CEO, Allan Kilavuka, in a letter addressed to the Principal Secretary of Kenya's Ministry of Roads and Transport, Mohamed Daghar, dated…
Dahabshiil removes ‘Somaliland’ from platforms after Somali government directive
Dahabshiil, a leading international financial services company, has removed all references to 'Somaliland' from its platforms in compliance with a directive from the Somali government. The move, aimed at complying with national regulations, has triggered widespread resentment in Somaliland, where many residents view it as a betrayal of their autonomy.…
Ethiopia considering shifting fuel imports to Berbera from Djibouti port
Ethiopia is considering shifting its fuel imports from Djibouti to Somaliland's Berbera port, citing long-standing capacity issues at Djibouti's Horizon Oil Storage Depot, according to reports from multiple independent Ethiopian media outlets. The move could reshape trade routes in the Horn of Africa, as Ethiopia has depended on Djibouti for…
Telesom mobile money service ZAAD gets GSMA certification
Somaliland’s telecommunications company Telesom has received recognition for its mobile money service ZAAD from the Global System for Mobile Communications Association (GSMA). The certification, the company said, represents a significant leap forward for the self-declared autonomous region of Somalia. Telesom also said the certification places ZAAD among an elite group of…
Djibouti rejects Ethiopia’s full control of Tadjoura Port, offers joint management deal
Djibouti has announced it will not grant Ethiopia complete control over the Port of Tadjoura, offering instead a joint management agreement to secure trade relations between the two nations. This decision reverses earlier plans to transfer complete oversight to Ethiopia. Djibouti's Foreign Minister Mahmoud Ali Youssouf clarified that while Ethiopia…
World Bank appoints new country director for Somalia, other East African countries
Chinese national Qimiao Fan has been appointed the World Bank's new Country Director for Kenya, Uganda, Somalia, and Rwanda. His appointment took effect on September 1, 2024. Fan, a veteran development expert with over 35 years of experience, will oversee the World Bank's support program across the four East African…