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> when I searched for the exchange rate online, everywhere says $1USD converts to about 575 SOS (Somalian Shillings). Can anyone here enlighten me about what's
by roywiggins 3y ago
> when I searched for the exchange rate online, everywhere says $1USD converts to about 575 SOS (Somalian Shillings). Can anyone here enlighten me about what's going on with the shillings?
Official exchange rates and actual exchange rates can diverge a lot[0]. Here's the UN's estimates of exchange rates (for, I think, internal accounting purposes- not something to particularly rely on), which puts the rate at 24,300 shillings to the dollar.
https://treasury.un.org/operationalrates/OperationalRates.php https://treasury.un.org/operationalrates/OperationalRates.ph...
[0] often this means that you can easily legally sell dollars for the currency at the official rate (ie, at a huge markup), but good luck buying dollars with the currency at the official rate. Maybe you can in very small amounts, or if you are politically connected.
- deleted 3y ago[deleted]
- giva 3y ago24300 SOS per USD is about 4,11 cent per 1000 shilling, about the rate cited in the article.