Glossary: Somali shilling (Sh)
DEFINITION:
Currency of Somalia since national independence in 1960; divided into 100 Somali cents (centesimi). Exchange rates have varied considerably; average rates for the years 1987-89 as follows: US$1 equaled Sh105.18 (1987); Sh107.45 (1988); Sh490.68 (1989); Sh1,299 (May 31, 1990). From 1960 to 1971, US$1 equaled 7.143 shillings. The shilling began to fluctuate in the 1970s but remained around 6 to 7 shillings per US dollar. Beginning in 1981, a two-tier system was introduced, with the official rate following the market rate.