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 shilling 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).
Read more about this topic: Italian Somaliland Somalo
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