Foreign Property News | Posted by Aye Myat Thu
The concept of markets has existed for centuries. From the barter system to exchanging currency, markets have always been an important part of human civilisation. You’ve likely heard of fruit markets, vegetable markets, clothing markets, stationery streets, and electronics markets. But these days, one unusual market is grabbing attention for a very different reason. There are also unique places known as groom-bride markets, where people come in search of a life partner.
People come and collect bags full of notes. But why is there a need to buy currency in this region?
Somaliland broke away from Somalia but has yet to gain international recognition as an independent country. Its population is around 40 lakh, and the currency in use is the Somaliland shilling. However, this currency has no value outside the region.
(One US dollar equals 9,000 Somliland shillings - the currency is so devalued, shoppers wander markets with wads of the paper money thrown in their bags (Credit: AFP/Simon Maina)
Buying vegetables could mean carrying an entire bag of notes. And if you decide to buy gold, you may have to hire a vehicle just to transport the money. That’s why people head to special markets to obtain large volumes of cash.
Since carrying so much physical cash is difficult, most locals prefer online payments. Even beggars here are seen with smartphones, accepting digital transactions.
(In Somaliland, vendors and customers pay each other digitally using simple phone programmes that require no internet access (Credit: Matthew Vickery)
The country’s economy remains fragile. Most of the region is dry and sandy, and tourism is one of the few industries supporting livelihoods.
,Jobs are limited, so people often survive by doing small-scale work. In a world that’s moving fast towards digital currency, Somaliland offers a curious reality—a place where you must buy money to spend it.
(In Somaliland, stacks and stacks of the local devalued physical currency are rapidly falling out of fashion - people are turning to digital payments (Credit: Matthew Vickery)
Ref: A Market Where You Don’t Buy With Money — You Buy The Money Itself! (thefinancialexpress) Photo Credit-Matthew Vickery, AFP/ Simon Maina
