Italian Somaliland somalo
Encyclopedia
The somalo was the currency of the Trust Territory of Somalia
between 1950 and 1962. It was subdivided into 100 centesimi (singular: centesimo).
at par and remained equal to it. It replaced the small amount of Italian lire in circulation at 1 somalo = Lit 87.49. It was given an IMF parity
of 124.414 mg fine gold, equal to one shilling sterling. Internationally, this currency became known as the "Somali shilling" when Somalia became independent on 1 July 1960. The somalo/shilling was replaced at par on 15 December 1962 (along with the East African shilling circulating in British Somaliland
) by the "Somali scellino" (Somali shilling).
Italian Somaliland
Italian Somaliland , also known as Italian Somalia, was a colony of the Kingdom of Italy from the 1880s until 1936 in the region of modern-day Somalia. Ruled in the 19th century by the Somali Sultanate of Hobyo and the Majeerteen Sultanate, the territory was later acquired by Italy through various...
between 1950 and 1962. It was subdivided into 100 centesimi (singular: centesimo).
History
The somalo was authorized by Trusteeship Administration Ordinance No. 14 of 16 May 1950. A currency exchange was scheduled to last from 16 May until 22 July, but was eventually extended until 22 August. The somalo replaced the East African shillingEast African shilling
The shilling was the currency issued for use in British controlled areas in East Africa from 1921 until 1969. It was produced by the East African Currency Board...
at par and remained equal to it. It replaced the small amount of Italian lire in circulation at 1 somalo = Lit 87.49. It was given an IMF parity
Bretton Woods system
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid 20th century...
of 124.414 mg fine gold, equal to one shilling sterling. Internationally, this currency became known as the "Somali shilling" when Somalia became independent on 1 July 1960. The somalo/shilling was replaced at par on 15 December 1962 (along with the East African shilling circulating in British Somaliland
British Somaliland
British Somaliland was a British protectorate in the northern part of present-day Somalia. For much of its existence, British Somaliland was bordered by French Somaliland, Ethiopia, and Italian Somaliland. From 1940 to 1941, it was occupied by the Italians and was part of Italian East Africa...
) by the "Somali scellino" (Somali shilling).