Faisal KhanAnswered Feb 7, 2015It basically means that no central bank and /or its banking members will accept this currency in its native form, which means, you cannot trade it as a legal tender (physical or digital) with any other banking partner (be it central bank or those licensed by the central bank).
The only way to trade with this currency is via an intermediary party that will do cross between the Somali Shilling and an acceptable currency, like the US Dollar, GBP, Euro, etc.
At current, all deal and/or trades involving the Somali Shilling are done, after the currency has been swapped with a more recognised and readily acceptable currency, like the USD.
The currency currently plays an internal trading role within Somalia and is pegged against the US Dollar (Interbank rate) for conversion.
The only way to trade with this currency is via an intermediary party that will do cross between the Somali Shilling and an acceptable currency, like the US Dollar, GBP, Euro, etc.
At current, all deal and/or trades involving the Somali Shilling are done, after the currency has been swapped with a more recognised and readily acceptable currency, like the USD.
The currency currently plays an internal trading role within Somalia and is pegged against the US Dollar (Interbank rate) for conversion.