Understanding currency fluctuations is essential for traders, travelers, and businesses involved in international finance. This comprehensive guide explores the Somali Shilling (SOS) to US Dollar (USD) exchange rate throughout 2024, offering historical data, trends, and insights into one of the more stable periods for Somalia’s national currency.
The year 2024 saw relatively minimal volatility in the SOS/USD pair, reflecting broader macroeconomic stabilization efforts within Somalia. With a tight trading range and consistent average rates, the Somali Shilling demonstrated slight appreciation against the US Dollar over the course of the year.
Key Exchange Rate Highlights for 2024
- Highest Rate: 1 SOS = 0.001756 USD on August 16, 2024
- Lowest Rate: 1 SOS = 0.001741 USD on September 25, 2024
- Average Rate: 1 SOS = 0.001750 USD across the year
The SOS/USD exchange rate increased by +0.26% in 2024, indicating a modest strengthening of the Somali Shilling against the US Dollar—an encouraging sign amid ongoing economic reforms.
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Monthly Breakdown of SOS to USD Rates
January 2024
The year began with steady momentum. The exchange rate opened at 0.001745 USD and gradually rose, peaking at 0.001752 USD by January 31. The average rate held firm at 0.001750 USD, showing early signs of stability.
February 2024
February maintained consistency, closing at 0.001753 USD on the final trading day. Despite minor dips to 0.001749 USD, the monthly average remained at 0.001750 USD, reinforcing market confidence.
March 2024
March experienced a slight dip on March 18, hitting 0.001745 USD, but quickly recovered. A high of 0.001754 USD on March 7 marked the strongest performance so far that quarter.
April 2024
April continued the trend of narrow fluctuations, ranging between 0.001749 USD and 0.001752 USD, with an unchanging average of 0.001750 USD.
May 2024
May recorded its lowest point of the year at 0.001746 USD on May 28, likely influenced by regional liquidity concerns. However, it rebounded quickly, maintaining an average of 0.001750 USD.
June 2024
June remained stable, with only minor variations around the 0.001751 USD mark. The highest rate was 0.001752 USD, while the lowest dipped to 0.001749 USD.
July 2024
July saw multiple days trading at 0.001749 USD, particularly during mid-month, but reached a peak of 0.001752 USD on July 5 and July 23.
August 2024
August delivered the year’s highest rate: 0.001756 USD on August 16—representing a significant milestone. However, this was preceded by a low of 0.001744 USD just one day earlier, highlighting short-term volatility.
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September 2024
September recorded the lowest rate of the year at 0.001741 USD on September 25, possibly due to external market pressures or speculative trading. Despite this, the month still averaged 0.001750 USD.
October 2024
October saw another dip to 0.001746 USD on October 25 but otherwise remained within expected bounds, ending the month near parity with the annual average.
November 2024
November showed resilience, reaching a high of 0.001753 USD on November 26 while maintaining strong consistency across all trading days.
December 2024
The final month closed with moderate weakening, as rates dipped to 0.001748 USD on December 23. However, late-month gains brought it back toward the standard 0.001751–1752 USD range.
Frequently Asked Questions (FAQs)
What was the average Somali Shilling to US Dollar exchange rate in 2024?
The average exchange rate throughout 2024 was 1 SOS = 0.001750 USD, reflecting remarkable stability across all twelve months.
When did the Somali Shilling reach its highest value against the US Dollar in 2024?
The peak occurred on August 16, 2024, when 1 SOS equaled 0.001756 USD, marking the strongest performance of the year.
What was the lowest exchange rate between SOS and USD in 2024?
The weakest point was on September 25, 2024, when the rate fell to 1 SOS = 0.001741 USD.
Did the Somali Shilling strengthen or weaken against the US Dollar in 2024?
The Somali Shilling appreciated by +0.26% over the course of the year, indicating a slight strengthening trend despite intermittent dips.
How consistent were daily exchange rates in 2024?
Extremely consistent—rates fluctuated within a narrow band of just ±$0.0008 per SOS, showcasing reduced volatility compared to previous years.
Why is tracking SOS to USD important for international users?
Monitoring this pair helps remittance senders, importers/exporters, investors, and policymakers assess purchasing power, inflation risks, and economic health in Somalia.
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This detailed review of the SOS to USD exchange rate in 2024 underscores a period of relative stability and slight appreciation for the Somali Shilling—a positive indicator for future economic development in the region.