Countries that use the SOS
Currency Exchange Rates for Somali shilling? Convert GBP to SOS at todays exchange rate. See money transfer for Somali and historical to restrictions.
Q: Does the Somali shilling (SOS) have any nicknames?
A: There are no known nicknames of the currency.
Q: What is the name of the central bank in Somalia?
A: The Central Bank of Somalia is the country's central bank.
Q: What is the inflation rate in Somalia?
A: The last time the inflation rate was recorded for the country, in 2015, it stood at -3.50%.
Q: What is the correct spelling of the currency?
A: The currency is spelt as Somali Shilling with the shown capitalization.
Q: Where else is the SOS used?
A: The currency is only used in Somalia and there is no known usage outside the country.
Q: What is the most exchanged currency in Somalia?
A: Currency studies show that the most popular exchange rate is the Somali Shilling to USD rate.
Q: What is the exchange rate for converting GBP pounds to SOS?
A: At the current exchange rates, 1GBP equals 756 Somali Shillings.
Q: What sign is used to depict the currency?
A: The symbol used to depict the Somali Shilling is, Sh.So.
Q: Is the Somali Shilling stable or undervalued? Why is that so?
A: Due to political and civil unrest within the country, the value of the Somali shilling has been very unstable. Trading range for the shilling in recent years has been roughly between 8,900 and 41,000 shilling to the dollar. Another factor that has greatly influenced the shilling's value is the influx of the dollar within the country. Many people find it safer to trade using the dollar in the country. As the country appears to near political stability, those private companies that provide goods and services in the country, demand payments in USDs.
Q: What are the main currencies in use in Somalia? Why is that?
A: The main currencies in use aside from the SOS, are USD and to a smaller extent GBP pounds. As is the case in most East African countries, most if not all major deals are conducted in dollars while smaller deals are done using the local currency.
Currency Information on Somali Shilling - SOS – Somali shilling – Sh.So
Coins in denominations of 1, 5, 10 and 50 senti are issued, along with 1, 5, 10 and 25 shilling coins. Banknotes are issued in denominations of 5, 10, 20, 50, 100, 500 and 1,000 shillings.
The somalo, used in Italian Somaliland, and the East African Shilling, were replaced at a 1:1 ratio by the Somali shilling in 1962. The currency is available in denominations of senti and shillings, with one shilling subdividing into 100 senti, or cents.
Over a year ago we expanded our IT company and opened a new office in the UK. We have two offices in Europe now; we need to send money abroad very often, from Portugal to the UK and from the UK to Portugal. Knowing how to send money internationally in a safe way is therefore a crucial need for us on a weekly basis.
Comment written by Tiago Goncalves Director of an it Company.
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