Somali region of Ethiopia’s President addresses currency crisis

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Wednesday May 25, 2022

Mogadishu (HOL) - President of the Somali regional state in Ethiopia, Mustafe Cagjar, says that his administration cannot do anything about food price inflation and the crisis in the dollar's value. He cited the rising giant leap in global food prices due to the Russian invasion of Ukraine.

Mustafa Cagjar highlighted that the Ethiopian Central Bank and the central government are responsible for resolving the dollar inflation crisis.

"Since we cannot address global inflation as well as the dollar inflation, the only thing the government can do is to address the impact of inflation, which is food insecurity. The poor are starving because of the economic downturn.”

President Mustafe Cagjar added that, if necessary, banks in Wajale town on the Somali region-Somaliland border would be closed to address local inflation. He suggested solutions to mitigate the impact of inflation, including expanding the poor's feeding program and convincing international donors that the number of people in need of food has increased in the Somali region. He also noted that more money had entered the region to give to people as food prices have increased.

Inflation has recently grown entrenched in Ethiopia's Somali regional state, affecting the poor who are already struggling to make ends meet. Inflation has become the sole preoccupation of everyone in the Somali regional government today.

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