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Somalia Market Update: October 2020 Upate (Issued November 26 , 2020)

Países
Somalia
Fuentes
FSNAU
Fecha de publicación

Highlights

Inflation in Somali Shilling (SoSh)-using areas: Consumer Price Index (CPI), measured through percentage changes in the cost of the Minimum Expenditure Basket (MEB), increased mildly (2-3%) in October 2020 compared to September 2020 in SoSh-using northeast, central and southern regions of Somalia. Compared to the five-year average for October (2015-2019), CPI increased at mild rates (6-7%) in southern and central regions and at moderate rates in northeast regions (23%) due to increases in the prices of sorghum (the main local cereal used in the calculation of CPI) and increases in imported food commodities this year.

Somaliland Shilling (SISh)-using areas: CPI remained relatively stable in October 2020 compared to both September 2020 and the five-year average.

Exchange rate: SoSh-using areas: Exchange rates between the SoSh and the United States Dollar (USD) remained relatively stable in southern and central regions of Somalia but increased mildly (2-3%) in sorghum belt and northeast regions in October 2020 compared to September 2020.

Compared to the five-year average for October (2015-2019), SoSh depreciated at moderate rates (7-11%) in southern and central regions of the country. The depreciation against the USD was much more significant in northeast regions (44%) due to continued and widespread circulation of locally printed SoSh currency notes in recent years in these markets.

SISh-using areas: the exchange rate between the SISh and the USD exhibited relative stability in October 2020 compared to both September 2020 and the five-year average for October (2015-2019).

Download document from FSNAU website.