Àloiithly Report
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— bankiga dhexe EE SOOM A ALIYA «£U_JI Àloiithly Report PRELIMINARY DATA — -lUGUSg— CONTENTS Page 1 . MONEY AND BANKING 1 2 & BALANCE OF PAYMENTS 3 3. MOGADISHU CONSUMIR PRICE INDEX 7 4» COMMODITY PRICE 8 5. FOREIGN EXCHANGE QUOTATIONS 9 Economic Research Dept. P. O. Box 11 - Tel. 725/58 - 16 - 30 - 31 M 0 N E Y A N D BA N KING In. '000 of So.Sh. 1* ORE DIT Credits to Credits to Pub. Credits to Total Period Gov' t(net) Enterprises Private Sector Credits April 1980 1,495.002 1 *169., 739 557.693 3.223.434 March 198O 1,382.384 1.330o134 423.069 3.135.587 April 1979 514.175 1 .134.500 414.508 2.063.183 I Aggregate credits outstanding at the end of April 1980 stood at So.Sh, 3.223.4 million, as against So.Sh. 3.135.6 million registered in the preceding month of March 1980$ thus showing an increase of So.Sh, 87,8 million or 2.8$. This was mainly due to the increase in credits to the private sector (So.Sh. 134.6 million or 31 c8$), as well as credits to Govern¬ ment, Infact, government's net position deteriorated, during April I98O By SocSh 11306 million or d,2fopo However, a decline of So.Sho 160.4 million 12$ recorded in the credits to Public Enterprises contributed to reduce the increase in total credits to So0Sli, 37*8 million only. On yearly basis, credit to Government(net) showed an increase of SoASh„ 981.3 million or 190 „9$ from SojSh.514,2 million at the end of April 1979 to So.Sh, 1.496.0 million at the end of April 1980, whereas credits to the Public Enterprises and Private Sector during the saine period, recorded increases of So.Sh. 35.2 Million or 3.1$ and So.Sh. 143.2 million or 34.5$ respectively. 2. DEPOSITS Demand Savings Deposits Grand Period Deposits free Time Total Total April ; 1980 1,221,139 293.716 219*684 513.400 1.734.539 March 1980 1.226.798 281,363 217.721 499.084 1.725.882 April 1979 981.874 210.162 168.966 379.128 1.361.002 Total deposits at the end of April 1980 amounted to So.Sh, 1.734.5 million, reflecting a slight increase of So.Sh. 8,7 million or 005$ over the previous month of March 1980; where¬ as on yearly basis they showed a substantial increase of So.Sh. 373.5 million or 27.4$« Unlike the previous month of _ 2 - March. 1980 when demand deposits accounted for the major part of tlie increase in total deposits »during xhe month under review savings deposits accounted for the whole increase in total deposits, while demand deposits recorded a slight decrease of So.Sh. 5*6 million or 0.5$, Nevertheless, on yearly hasis the latter expanded by So.Sh. 239.3 million or 24.4%. Savings deposits showed a modest increase of So.Sh. 14.3 million or 2.9$ over the month of March 1980, rising from So.Sh. 499.1 million at the end of March 1980 to So.Sh, 513.4 million at the end of April 1980j whereas they recorded a substantial increase of So.Sh. 134.3 million or 35,4$ when compared to their level at the end of April 1979. Both Free and lime savings .deposits contributed to the rise in Savings deposits, during the month of April 1980, with shares of 86.3$ and 13.7$ respectively. Meanwhile on yearly basis both free and Time savings deposits expanded by So.Sh. 83.5 million or 39.7$ and 50,7 million or 30$ respectively. 3. MONEY IN CIRCULATION , July I98O 1.408.703 June 1980 1.377.779 July 1979 1,107.090 Money in Ciroulation continued its expansionary trend during the month of July 1980, after having recorded a. slight decrease in the preceding month of June 1980j it expanded by So.Sh. 30,9 million or 2.2$| while on yearly basis they recorded a considerable increase of So.Sh. 301,6 million or 27.2$« - 3 - Balance of Payments April 19-30 Trade Total export receipts at the end of April 1980 stood at So.Sh. 61.3 million as against So^Sh. 126.5 million registered at the end of the previous month of March 198O, thus dropping by So.Sh. 65»1 million or 51.5$ which has been brought about by a decline in livestock ^asniings, Somalia's export receipts also decreased by So,Sh0 5«6 million or 8,3$ when compared to their level of April 1979., Export earning from livestock amounted to So.Sh. 43.4 million at the end of April 1980 showing heavy decline of So.Sh. 59«1 million or 57«6^ with respec+ to March Í98Q v- figures. They also decreased by So„Sh.5.1 million or 10,4$ when compared with the level of the corresponding month of last year. Export proceeds from banana reached Five million Somali shillings showing decreases of So.Sh. 0.7 million and So.Sh. 0.5 million when compared with the levels of March 1980 and April 1979 respectively. Export receipts from meat and meat products declined sharply during the month under review dropping from So.Sh,2.9 million at the end of March 1980 to So.Sh, 0,3 at the end of April 1980» . They also declined by So.Sh, 0.3 million when compared to their level of one year before. The figures on hides and skins registered So.Sh. 4.9 million during April 1980 showing a decline of So.Sh, 5.3 million or 51«9$ from So.Sh. 10.2 million at thè end of the preceding month« Exports of Hides and Skins also dec¬ reased by So.Sh. 3d million or 39$ when referred to their level of one year earlier. Also myrrah indicated a significant decrease during April 1980 under review as it reached the level of only So.Sh. 1.2 million, while export earnings from myrrah in the preceding month of March 1 980 . ana the corresponding month of last year were So0Sh«5®1 million and So.Sh.4«1 million f respectively, thus shoving decreases of So.Sh, 3.9 million - 4 - or 76t3$ and So »Sil* 2*8 million or 70,3^ respectively. Nafta which is.'a new item in the export side ("being a re—export product after processing oil) amounted to Sö.Sh.6.4 million» Export proceeds from other items during April 1980 totalled about S0..SI1» '0*1 million « Breakdown of Exports JL1 Items April 1979 March 1980 April I98O (1/° Chang?>) Livestock 48ü492f,o84 102.490.751 43.435.082 -10.4 -57.6' - 9.5 -11 .5 Banana 5.529,577 5 »653.446 5.000.628 -91.1 Meat 551.457 2,894 »023 255.659 -53.6 - mm - Pish 149.627 - -51 .8 Hides & Skin s 8.019.319 1oBi50.709 4.886.337 -39.0 1 -70.3 -76.2 Myrrah 4.050.223 5.061 .109 .201 .506 mm - Nafta - 6.372.350 4-41 .4 -42.6 Others 86.879 214.166 122,858 - -51.5 Total 66 «879.966 126,464^204 61 ,274.420 8.4 1) Change of April 19.80/April 1979 2) " " " " /March 19-30 » Import Payments G-oods On the import sido, import payments of goods amounted to So.Sh. 161.4 million showing a slight decrease of So.Sh, 7.5 million or about 4.4 percent and So.Sh«28.4 million or 14»9 pe£». cent, when compared with the levels of So.Sh. 168.9 million in Marc-h 198O and So.Sh. 189.9 million in the corresponding month of 1979. mm ^ M» Services The "balance of services showed a deficit of So.ih» 37Î5 million during the month under review, which is much higher than the deficit registered in March 1980 (So.Sh. 14.0million) and the corresponding month of last year (So.Sh. 17.0 million) respectively. Unrequited Tranfers A sum of So.Sh, 1 47 ' million was recorded under this item of which So.Sh, .0,007 million was registered as grants received from the International Red Cross on account of the Refugees, while the remaining sum was registered as private remittances. Capital Movement Under this item the Somali Government received an amount of So.Sh. 11.5 million from various external resour¬ ces to finance on-going development projects (like Juba Sugar Project, '.Vater Development Agency and Trans-Juba Livestock Project). On the payment side figured the amount of So.Sh.0.3 million being a loan repayment to Italy. Thus, the balance of the capital account during this month showed a surplus of So.Sh, 11.2 million . Conclusion, The overall balance of payments during April 1980 closed with a deficit of So.Sh. 125.3 million which is more or less the same as the corresponding month of last year which closed with a deficit of So.Sh. 13t*Q million. Meanwhile the balance of payments of last March 1 980 closed with a surplus of So .Sh. 104.8 million. — O — Balance of Payaient s April 198O Trade April 1979 March I98O April 1980 Exports 66.879*966 126.464*204 61*274.420 Imports 189.914.393 168.990.414 161*483.632 Balance -123.034.427 - 42.526.210 -100*209.212 Services (net) -17.038.901 -14,025.439 -37.587.969' Unrequited Transfers(net) 1.401.655 125.386.791 1.374.885 Private 317.327 1.232.791 1.367.158 Official 1.084.328 124*654.000 7.727 Capital Movement (not) 14.707.254 35,443.930 11,159.087 Private - Receipts - - 156 - Payments - - 2.060 Official- receipts 14.707.254 35.443.930 11,478.856 payments - ~ 317.865 Overall Balance -123.964.419 104.779.072 -125.263.209 „ 7 » MOGADISHU CONSUMER PRI05 INDEX .July 1980 The Mogadishu OPI rose by 6.3$ in July 1980, oompared with a rise of 0.6$ recorded in the- previous month of June 1980* This sharp increase was due essentially to the sub-index for food (10,3$)j also the sub-index for clothes affd footwear recorded a modest increase of 2,-1$,» moreover the jjjb^indices for "beverage & Tobacco and Miscellaneous showed a very small increase of only 0.7$ and 0,5$ respectively, whereas the sub-indices for House Sent & Water and Fuel 1 Light decreased by 3$ and 0,7$ respectively.