This work is a short but rigorous and up-to-date analyses of Somalian currency problems leading it to and following the collapse of the country into Civil War. The author, A former Director General of the Central Bank of Somalia, is a graduate of a USAID-funded program in Administration jointly conducted by the Somali Institute of Development Administration and Management (SIDAM) and State University of New York (SUNY) at Albany. The fifty-five graduates of the SUNY programme were originally intended to enter the top levels of the Somali administration.
Most were, however, prevented from putting their education to use in Somalia by the outbreak of the Civil War.
Mohamed Dalmar Abdirahman now resides in Ottawa as a member of the Somali Diaspora in Canada. As the author points out, “the collapse of the financial system of Somalia was one of the of the factors contributing to the fall of the Somali Government.” An equally compelling thesis of this book is that it is necessary to decisively resolve these same economic problems in order to rebuild the country. Since the beginning of the war, few scholars have published work which deals with the Somali needs beyond the problems of the Warlords.
This small but important book offers a blueprint for a rational “currency board system” which will address a central challenge to the builders of a new Somalia.
Briefly, the book`s four main chapters deal with: The history and evolution of the exchange rate instability in Somalia; The major theories which would explain this instability; The economic data which detail Somalia`s currency crises; and, finally; RECOMMENDATIONS for achieving exchange rate stabilization through the creation of a currency board system. This book will be of interest to all Somalis for at least two obvious reasons. First, it demonstrates the urgency of careful economic planning in rebuilding Somalia and offers an example of such planning. Secondly, it reveals the importance of “the large Somali community in Diaspora” in the history , current dynamic, and future prospects of Somalia`s currency system and economy. You can order the booklet by emailing Mr. Dalmar at: mdalmar@sympatico.ca 613-526-3066 _________________________________________________________________