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Somaliland to Sue WorldRemit Chairman over Printing Money

Hargeisa September 26, 2023 (SD) -Somaliland’s Central Bank has announced that it is taking legal action against the owner of WorldRemit, Ismail Ahmed.

A statement from the Central Bank of Somaliland has indicated that legal action will be taken against the owner of WorldRemit, who is accused of making false allegations against the bank and its leadership.

The Central Bank of Somaliland also denied the businessman’s accusations that the Bank is creating market instability in the exchange rate and financial sector, while also hinting at potential violations.

Furthermore, the statement responded to the accusations made by the chairman of WorldRemit, Isma’il Ahmed, regarding the Central Bank’s handling of the currency exchange rate, stating that there has been no recent issuance of new currency notes and denying any intention to introduce new notes that could destabilize the local financial markets.

The Businessman has expressed concerns and called for an end to what he sees as the undue manipulation of currency exchange rates, requesting transparency in how the currency is managed.

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