Timeline

• 15.07.1893
• Issuance of private paper money of 5 Indian Rupees by "Società Vincenzo Filonardi & Co." in Benadir, which held a charter for the administration of Italian Somalia 1893-1896:
  - By decree, the company rejected payments in Maria Theresa Thalers, accepting only Indian currency or the company notes at a rate of 1 Thaler = 2 Indian Rupees; effective 24.07.1894 (AH:01.01.1312).
• 08.03.1905
• Decree of the local commissioner [No. 13] on the introduction of Italian subsidiary coins of 25 Cents (referred to as "25 Bese") and rating of the Maria Theresa Thalers at 1 Thaler = 150 Cents (Bese); effective immediately.
  - 25.05.1905: Decree of the local commissioner [No. 6] on the demonetization of the Omani subsidiary coins of 1 Paisa (¼ Anna) and exchange into Italian coins at a rate of 150 Cents (Bese) = 300 Paisa; effective 03.07.1905 (AH:29.04.1323) but tolarated afterwards.

Timeline

• 28.01.1909
• Royal decree [No. 95] on the issuance of subsidary coins of 4, 2, 1 Bese at a rate of 1 Maria Theresa Thaler = 150 Bese; effective 01.04.1909
• 06.10.1909
• Start of issuance of the new subsidiary coins
  - Immediate demonetization of the Omani subsidiary coins of 1 Paisa (¼ Anna)
  - 31.12.1910 (originally 31.03.1910, extended three times): Demonetization of Italian subsidiary coins of 25, 2, 1 Cents at a rate of 1 Cent = 1 Besa.
• 08.12.1910
• Royal decree [No. 847] on the issuance of silver coins of 1, ½, ¼ Rupees on par with the Indian Rupee and a rate of 1 Maria Theresa Thaler = 1.50 Rupees = 150 Bese and 1 Rupee = 1.68 Italian Lire; effective 11.12.1910
• 01.07.1911
• Start of issuance of the new silver coins
  - 30.06.1912 (originally 31.12.1911): Demonetization of the Maria Theresa Thaler.
• 31.08.1911
• Governor's decree [No. 924], allowed the circulation of Indian and East African silver coins, rated on par with the Somalian Rupee; effective immediately
• 19.09.1919
• Governor's decree [No. ?] on the abolition of the fixed rate between Somalian Rupee and Italian Lira, keeping the fixed rate to the British Pound; effective immediately
• 13.05.1920
• Royal decree [No. 600] on the issuance of paper money of 50, 20, 10, 5, 1 Rupees by the Bank of Italy; effective immediately

Valuation Regimes

• 1910-1925
• Fixed rate against British Pound; on 19.09.1919 the additional fixed rate against the Italian Lira was abolished

Timeline

• 18.06.1925
• Royal decree [No. 1143] on the adoption of the Italian currency in Somalia and issuance of two local silver coins; effective 01.07.1925.
  - 29.10.1925: Royal decree [No. 2561] on the transition of postal tariffs and the fixation of the exchange rate at 1 Somalian Rupee = 8 Italian Lire; effective immediately
• 01.07.1925
• Start of currency exchange
  - 01.07.1925: Start of issuance of Italian banknotes and coins and issuance of Somalian silver coins of 10, 5 Lire
  - ??.10.1926: Demonetization of the Somalian silver coins of 10, 5 Lire
  - 30.06.1927: Demonetization of the former currency.
• 18.03.1938
• Finance ministerial decree on the issuance of special banknotes of 1000, 500, 100, 50 Italian Lire for use in Italian East Africa by the bank of Italy; effective by finance ministerial decree of 08.08.1938
• 1941-1950
• British Occupation:
  - 02.03.1941: Proclamation [No. 3] of the British Occupied Enemy Territory Administration (OETA) on the introduction of the East African Shilling at a rate of 1 Shilling = 24 Italian Lire; effective per OETA order [No. 1] of 24.03.1941
  - 01.07.1942: Proclamation [No. 20] of the British Occupied Enemy Territory Administration (OETA) on the demonetization of the Italian currency; effective immediately.

Timeline

• 18.04.1950
• Incorporation of the "Bank for the Monetary Circulation of Somalia"; opened for business on 22.05.1950.
  - 05.03.1955: Presidential decree [No. 371] on the ratification of the bank's statutes; effective 31.05.1955
  - 02.12.1958: Presidential decree [No. 1131] on the transformation of the bank from a (quasi) currency board into a central bank; effective 23.01.1959.
• 16.05.1950
• Ordinance [No. 14] of the Somalia Trusteeship Administration on the introduction of the currency; effective 22.05.1950
• 22.05.1950
• Start of currency exchange
  - 22.05.1950: Start of issuance of the new banknotes and coins
  - 21.08.1950: Demonetization of the East African currency.

Valuation Regimes

• 1950-1960
• Fixed rate against British Pound

Timeline

• 30.06.1960
• Government decree [No. 3] on the establishment of the Somali National Bank; effective immediately:
  - Converted into law [No. 2] on 13.02.1961.
• 06.03.1961
• Government decree [No. 2] on the creation of the national currency; effective immediately:
  - Converted into law [Organization of the Somali Monetary System, No. 13] on 23.03.1961.
• 22.04.1961
• Start of two-step currency exchange
  - 22.04.1961: Start of issuance of banknotes and coins in Somalian Somalo in former British Somalia
  - 25.06.1961: Demonetization of the East African currency in former British Somalia
  - 15.12.1962: Start of issuance of new banknotes and coins in Somali Shilling
  - 31.12.1963: Demonetization of the Somalo currency (coins were tolerated until 31.07.1970).
• 18.09.1990
• Government decree [No. 46] on the introduction of a "Somali New Shilling" at a rate of 1 : 100; effective immediately:
  - The currency reform was not implemented due to the overthrow of the government. Two banknotes of 50, 20 "N Shillings" were produced but came into circulation only after the looting of the central bank on 26.01.1991.

Valuation Regimes

• 1950-1967
• Fixed rate against British Pound
• 1967-1982
• Fixed rate against US Dollar
• 1982-1984
• Fixed rate against IMF Special Drawing Rights (SDR) unit
• 1984-1988
• Fixed rate against US Dollar
• 1988-1991
• Variable rate
• 1991-
• No currency and establishment of banknote trade.
  After the looting of the central bank the stolen banknotes of 1000, 500 Shillings were brought into the market by the victorious warlord group. All circulating currency in the name of the defunct Somali Central Bank continued to be accepted in trade. When the warlord groups ran out of stock of looted notes they began reprinting 1000 Shillings notes around 1996, other civil factions joined in. As a consequence of the constant influx of banknotes, their value notes started to decline to a point where it reached production cost so that further reprinting was no longer lucrative and ceased. Then the trade value stabilized at about 25 notes (or 25'000 Shillings) per US Dollar. The 1000 Shillings notes (original and reprinted) continue to be used in trade at a rate that slightly varies in time and regionally, more as a sort of "synthetic commodity" than a currency.