LogFAQs > #968764008

coolguyjimmy posted...

"Somalia has no structured financial system and does not have portfolio investment financial products in the market. Somalia does not issue government bonds or corporate bonds. There is one private stock exchange operating in Somalia, but the government has no authority to regulate trade in stocks and securities.

Somalias banking system has yet to recover from years of conflict. Moving money into and around the country through traditional banking mechanisms is difficult. The Somali shilling lacks legitimacy, as it has not been printed since 1991 and more than 98 percent of the bills in circulation are counterfeit, printed by warlords and rogue businessmen. "

-- https://www.state.gov/reports/2021-investment-climate-statements/somalia/

What's your point? These clowns are backed by the African Union, the UN, the US and NATO. The idea that the world won't spend 20 or 30 million to keep the Somali government propped up enough to stop ISIS 2.0 taking over a chunk of Africa and inspiring attacks across the west is just foolish and short sighted.

Don't pay attention to anything you hear about the banking system. The big ratings agencies don't know shit and are just overly cautious of Somalian financial instruments due to fears based in the past.