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Somali Economy:
The
development of the Somali economy has been heavily hampered by
decades of civil war and instability. The country’s currency
has been heavily devalued and Somalia is ranked amongst the poorest
and least developed nations of the world.
The situation at present
is made worse by ongoing instability and a lack of skilled
workers. Agriculture accounts for a large percentage of the
country’s
economy though unreliable rainfall regularly affects the sector.
Agricultural produce in Somalia includes; cattle, sheep, goats,
fish, maize, bananas, rice, sugarcane, mangoes, beans, sorghum,
coconut. There are also a number of small industries such as
sugar refining, wireless communication, textiles and food processing
plants.
Currency:
The Somali Shilling is the official currency of the country
and has been used here since its introduction during British
occupation. There are a number of issues affecting the shilling
including illegal printing by a number of businesses and the
introduction of different currencies in regions that have declared
themselves independent.
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