Somalo

The Somalo (plural: Somali, صومالي) was the currency of the Trust Territory of Somaliland administered by Italy between 1950 and 1960.

[1] On 27 January 1950, Italy was given financial administration of the Territory (of former Italian Somalia).

As early as 1948 Italy had been considering the options for currencies in Somalia, in anticipation that the territory would be returned to its control.

The somalo replaced the East African shilling at par and remained equal to it.

It was given an IMF parity of 124.414 mg fine gold, equal to one shilling sterling.

The Cassa per la Circolazione Monetaria della Somalia, headquartered in Rome, began operations 18 April 1950 and was authorized to issue 55 million shillings in paper money.