Two semi-autonomous areas of northern Somalia have largely avoided the violence that’s plagued the rest of the country for decades. Now oil exploration may change that, according to the United Nations.
Somaliland’s government hired private security experts to help improve safety after Genel Energy Plc suspended operations in the semi-autonomous region citing growing instability, Foreign Minister Mohamed Bihi Yonis said.
Somaliland’s central bank will begin exchanging 7 billion Somali shillings ($4.37 million) of notes for its own currency next month as part of a plan to stop using the Somali currency in the autonomous region by mid-June.
Somaliland, a breakaway territory in northern Somalia, has a gross domestic product of $1.4 billion with a “high” income gap between rich and poor, according to the World Bank’s first economic output estimate.