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South Sudan to issue new 500 pounds banknote

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The new 500 pounds banknote as released by the South Sudanese central bank on Friday 8 June 2018 (ST photo)
June 9, 2018 (JUBA) - South Sudan announced the upcoming release of a new 500-pound banknote reflecting the country’s weakening economy.

In a statement issued on Friday, the Bank of South Sudan (BoSS) said the new banknote will be introduced "soon".

The introduction of the new 500-pound banknote, which will be the highest-domination note in circulation in the country, comes as a direct result of the soaring inflation four-and half-year after the beginning of civil war.

South Sudanese now have to shop with large bundles of notes.

The South Sudan central bank said in its statement that the measure would help reduce the volume of cash people carry.

Analysts say the financial authorities have to wait for the improvement of the political situation and the signing of a peace agreement and to make it part of economic and financial measures to control the inflation and redress the national economy.

"If it issued now that would be considered as an indication that the national economy is in crisis and unstable," said a South Sudanese economic expert who preferred anonymity.

He further expressed fears that the new banknote will worsen the inflation rate

In the black market, one U.S. dollar is exchanged for 300 South Sudanese pounds.

Last May, President Salva Kiir fired the BoSS’s governor Othom Rago Ajak, blaming him for failing to rein in consumer prices that almost tripled last year.

(ST)

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  • 10 June 02:42, by ThaGoblin

    They skipped 100 and went straight to 500, so if you want to buy a cig and have a 500 note you’ll get a bundle of money as change? South sudan needs peace and more oil exports not bigger notes. If they dont find peace theyll need a 1000 note very soon. Sudan needs a 100 note I don’t know why they haven’t released one yet.

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    • 10 June 05:52, by Kenyang ll

      You mean 200, 100 is there from the beginning.

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    • 10 June 08:12, by Khent

      ThaGoblin

      The state that South Sudan is in makes it impossible to expect even the slightest bit of clear-thinking and competance from a rabble of clinically retarded mis-leaders not even qualified to run a small soup kitchen let alone a Nation-State. They’re such bellends that they squandered $20 billion since the Interim Period...

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      • 10 June 10:51, by Khent

        In a long list of many failures, Juba inexplicably failed to build an alternative pipeline and negotiated the most obscenely disadvantageous oil transit fees in the history of mankind — 10x the international rate. Juba also failed to ensure security in Jonglei - a now defunct State that is home to the Country’s largest oil blocks.. Blocks that have not been brought online...

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        • 10 June 11:29, by Khent

          Peace must be restored at all costs and Juba must then expedite the Agreement it inked with Ethiopia to provide it with petroleum products via a road directly linking Ethiopia to South Sudan’s largest active oilfields; Ethiopia imports $2.8 billion in refined petroleum products annually and this would obviate the need for Juba to pay transit fees at x10 the international rate.

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          • 10 June 11:33, by Khent

            The alternative pipeline is estimated to cost around $5 billion, and just 3 years of revenue from providing Ethiopia with petroleum products is all that is required to build the alternative pipeline through Kenya.

            ..and when our largest (and not yet exploited) oil blocks (Block B & E) are brought on line, we can significantly increase our oil exports without subsidizing Khartoum’s occupation

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            • 10 June 11:34, by Khent

              ..of our lands. Block B is over 120, 000 km2 and its vast deposits [in the billions] have not been added to our active production; Block B is so large that it has been split into multiple blocks. The other un-utilized block is Block E and it covers all of Bahr el Ghazal. Each one of these blocks dwarf our current active blocks in Upper Nile State and Unity State.

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          • 10 June 13:37, by ThaGoblin

            You’re talking as if sudan is talking your oil for hostage. Sudan’s rate was so high because in included the 3.5bln package that they agreed on when we spit up back then. But that agreement would end July 2018 as south sudan fulfilled it’s part. Rate’s will be proper after that. Plus ethiopa import’s refined products while you got crude oil you two don’t have the refining capacity let alone spend

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            • 10 June 13:46, by ThaGoblin

              Cont. Spend 5bln for a new pipeline. It’s just not economically logical. I’m sorry to say but you’re stuck with sudan when it comes to oil. No other country in the east african region has the refining capacity. Plus sudan’s already diversifying it’s economy away from oil to mining, agriculture and tourism. At the same time they are stillooking trying to increase output.

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              • 10 June 15:08, by Khent

                ThaGoblin

                Ya, I don’t really care how they arrived at that "agreement" (*extortion*) to pay billions in "compensation" to Khartoum for the loss of the South — a perverse inversion; mouth-breathing retards were left with no choice but to agree to that humiliating arrangement due to their unspeakable stupidity, myopia, corruption and incompetance...

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                • 10 June 15:45, by Khent

                  ..The morons in Juba claim to have secured financing for the refinery from Swiss and US companies; exporting oil through the North is not tenable in the long run considering Khartoum’s refusal to return Kafia Kingi and implement the PCA 2009 ruling on Abyei.

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                  • 10 June 15:55, by Khent

                    ..With financing for the refinery secured, Juba could use the proceeds from selling petroleum products to Ethiopia to build an alternative pipeline; and if Block B & E are brought online, South Sudan could more than double its production in relation to its pre-shutdown, pre-civil war figures. Sudan has been aiming to increase its oil production for many years but nothing has come of it...

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                    • 10 June 16:02, by Khent

                      Mining (gold) has kept your economy afloat but, mate, you’re more than talking up the other (weak and neglected) sectors. It’s still much better than the South, so I’m not making fun at all. I really do wish that we could be friends (brothers even) but Abyei and Kafia Kingi make that impossible.

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                • 10 June 18:31, by ThaGoblin

                  Khent
                  They came to that arrangement because the reality is that south sudan couldn’t have even developed any oil output if it wasn’t for the north. The north initiated everything from importing machines to attracting investors. And to just suddenly take everything away doesn’t sound fair. Yes most of the wells are in your side of the border but most of the efforts were sudanese.

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                  • 10 June 18:37, by ThaGoblin

                    Look at how your development is currently going. Now imagine how it would have been with no oil money from 2005 to today. Do you even think you’d still have a central gov? The oil was shutdown for a short period of time in 2012 and your economy nearly collapsed. And while you say your gov has secured the money to build an alternative think about how oil is slowly getting replaced by other fuel sou

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                    • 10 June 18:41, by ThaGoblin

                      Cont. Sources and even car companies and halting the production of cars that run on conventional fuel. Yes oil was black gold but the world is slowly moving away. So do you still think it’s worth investing that much money on a dig industry? That money could easily bring up another sector while you still pump oil through sudan. Success isn’t about being stubborn it’s about thinking ahead.

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                      • 10 June 18:47, by ThaGoblin

                        About sudan they actually cut production by stopping investment’s because of the oils cheap price but back in 2014 sudan almost hit 200kbpd so as the prices go up so do investments in production. Agriculture is also getting propped up and we currently import less wheat because of local production. Yes it’s slow but this is africa and eventually the constant investments mean higher tech and higher

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                        • 10 June 18:54, by ThaGoblin

                          Cont. Higher efficiency and production. On the other hand yes gold has kept us afloat for now but the rush just started and good chance it’ll keep going till after our economy improves. This will also give is the technical advantage to extract other minerals for the long run. Remember everything I mentioned is contributing to our development employment industry and service sectors.

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                      • 10 June 18:53, by Khent

                        ThaGoblin

                        *Sigh*. Yet another ignorant, tone-deaf attempt at moralizing. That oil infrastructure was established when Sudan was one country, and it was obviously only developed because Khartoum identified a resource that it could exploit for the benefit of the ’Arab’ population in Khartoum and Omdurman. Your definition of "fair" is both insane and laughable...

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                        • 10 June 19:01, by ThaGoblin

                          Yes ofc I don’t denie they had evil motives however you got half the money for almost a decade totalling almost 8bln in profits. Tell me which other sector would have made you that much money? I’m no rasist btw I’m actually a minority in sudan and I’m actually a Christian. I’m just pointing out that everyone thought it was fair at that point even the US observers that helped you gain independence.

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                        • 10 June 19:03, by Khent

                          ..especially when one considers the historical wounds the North has inflicted on the South. The taking of over 2 million South Sudanese as slaves from the 1800s to the 1930s is one such historical wound. The annexation of Kafia Kingi and a dozen other areas is another one.

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                          • 10 June 19:10, by ThaGoblin

                            Khent
                            Yes I get where you’re coming from but at the time the whole world was in chaos. That was before ww2 lol. And remember this is africa we are way behind everyone else and as a result we did things that we all regret. But you have to put that behind us and move forward. You don’t see America punishing themselves for trading slaves it wasnt wrong in their eyes at the time. It was purely surviva

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                          • 10 June 19:12, by Khent

                            There was a vacuum after Garang’s death in 2005; we’ve essentially not had a government since Garang’s 2 weeks in the Interim Period, so the oil has not provided South Sudanese with any material bebefit. Oil will be of tremendous importance for decades to come, and this is precisely why there’s been no reduction in the investment in this sector...

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                            • 10 June 19:21, by Khent

                              ..And why there’s been an increase in global tensions for islands that are suspected to be rich in oil. We don’t just use oil for cars; we need it for agriculture and industry. Oh, and it’s really amusing of you to speak of where we would be without oil, as though oil did’t carry Sudan’s entire economy prior to the recent export of gold...

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                              • 10 June 19:32, by Khent

                                I understand that the mentioned tragedies were in the *immediate* "past" but the past shapes the present and effects the future. How far back is the 1930s, really? Germany is still paying for the Holocaust, and death-deserving rats in Juba paid you in "compensation". It would be amusing if it wasn’t so painful. Kafia Kingi was annexed in 1960...

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                                • 10 June 19:43, by Khent

                                  A great deal of territories were annexed by Khartoum in the 80s and 90s, so let’s not trivialise things by playing a game of false equivalence. I just want you to be mindful of your word selection - especially if those words have moral dimensions. You would not have heard a peep from me if you had outlinned that you had invested x amount of resources...

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                                  • 10 June 19:50, by Khent

                                    ..and were expecting x amount in return for the loss of that revenue stream. Present like it like that and I would not protest, because it would be dry and morally sterile. It’s mathematics and I can dig that. I simply will not have Northerners evoke abd use words like fair. It’s gross. Please stop...

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                              • 10 June 19:40, by ThaGoblin

                                Yes oil did boost our development but we made that happen you kinda just signed a deal and got half the profits.
                                And time’s change bro coal was in high demand one day but that’s the past and oil is in a similar but slower trend

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                            • 10 June 19:27, by ThaGoblin

                              Well true but it gave room for development for example your pound was stronger then ours. You say the people on top stole most of it but the people on top are not different from the rest they are a sample of you and anyone would’ve did the same. Oil will stay but is dying my friend the US is fracking their wells with liquids to try to use it all up while car companies are pledging to stop making c

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                              • 10 June 19:32, by ThaGoblin

                                Cont. Cars that run on oil. While electric cars, nuclear, solar and wind power on the rise it will shift investment’s. Yes I’m not saying oil will completely die but the less demand the cheaper it will be.

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                        • 10 June 19:03, by ThaGoblin

                          Yes ofc I don’t denie they had evil motives however you got half the money for almost a decade totalling almost 8bln in profits. Tell me which other sector would have made you that much money? I’m no rasist btw I’m actually a minority in sudan and I’m actually a Christian. I’m just pointing out that everyone thought it was fair at that point even the US observers that helped you gain independence.

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                          • 10 June 19:58, by Khent

                            ThaGoblin

                            Ah, so we just signed a deal, did we? You inviting oil companies required so much more sacrifice than the millions of people we lost to have made such an arrangement possible in the first place? We wouldn’t have gotten even 1% of those concessions without the resistance and sacrifice. There’s no comparison...

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                            • 10 June 20:22, by Khent

                              I’m thrilled that you’ve made the concession that ’leaders’ are actually a reflection of their people and societies; this acknowledgment is critical, because I really don’t want to hear how your governments are an unrepresentative aberration and that your people are innocent of the crimes committed in their name...

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                              • 10 June 20:23, by Khent

                                A people’s government is more often than not a reflection of their society; their elites don’t drop out of the sky or manifest themselves from another dimension — they are *you*… even if they are a little more bigoted, a little more corrupt, a little more myopic, murderous or just a tad bit more arrogant...

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                                • 10 June 20:24, by Khent

                                  The National Islamic Front (now NCP) is a reflection of a society of wilfully ignorant, indifferent, obedient, fascistic moral cowards, whose collective heart’s ability to empathise with the plight of other human beings is a bacterium size, shrivelled husk; a society filled to the rim with religious fanatics...

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                                  • 10 June 20:25, by Khent

                                    ..A society that has fervently pursued an expansionist and racist Arabization project and the attendant genocide (s) in all its macabre glory; and finally a society that excuses the misery and deaths of millions and excuses every excess and every suspension of freedom at the altar of its own comfort...

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                                    • 10 June 20:28, by Khent

                                      You people seem to have absolutely no problems with your government attacking, sequestering and occupying the lands of others. You have given your blessings for Khartoum to immediately and invariably support Arab tribes in their expansionist wars of aggression against others...

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                                      • 10 June 20:30, by Khent

                                        As a people you don’t seem to have problems with any of these evils and have had no problems with them for decades as long as the wealth of the peripheries was looted for the interest (s) and aggrandizement and comfort of the center… and as long as you can get affordable bread, meat and cooking oil there are no significant, large scale protests or any other genuine acts of resistance...

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                                        • 10 June 20:33, by Khent

                                          Now, turning to the people of South Sudan. It’s a ’country’ (not really) filled with cultures with an absence of accountability for one’s actions; cultures that encourage child-like behaviour, greed, irresponsibility, arrogance, laziness, envy, ingratitude, rumour-mongering, back-stabbing and emotional manipulation...

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                                          • 10 June 20:34, by Khent

                                            The only hope for South Sudan is through death and rebirth... to be made anew. The cultures of our forefathers must die - and their world with it. If I had it my way, every child would be enrolled in a boarding school; well structured, well funded academies in which only thoroughly vetted and highly qualified professionals can teach...

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                                            • 10 June 20:36, by Khent

                                              A system requiring a Masters Degree in order to teach. I want an education system that prioritizes critical thinking, problem solving, cooperation, leadership and creativity. We should take elements from Finland’s education system, Germany’s apprenticeship system and Shanghai’s emphasis on critical thinking. This would be just the start - the tip of the iceberg...

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                                              • 10 June 20:38, by Khent

                                                The psychopathic Dinka, Nuer and Murle pastoralists that routinely engage in cattle-rustling [occassioning mass deaths] must be dealt with - with extreme prejudice if need be. Tens of thousands of military-level equiped policemen should be deployed to their areas and shoot-to-kill directives should be given against cattle rustlers, bandits and thugs...

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                                                • 10 June 20:39, by Khent

                                                  It should be made abundantly clear to everyone in this miserable, God-forsaken ’country’ that if you behave like a neurotic animal - you’ll be put down like one. Federal police should find and arrest all the ring-leaders of these cattle-rustling raids, and if they refuse to come quitely, then we should be relieved of them -> remove them from the gene pool.

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  • 10 June 06:46, by Whortti Bor Manza

    The Dinka scoundrels have reached the maximum of their ignorant. Soon the SSP will become toilet papers to clean their dirty ass.

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    • 10 June 12:57, by jubaone

      Whorrti
      This is "jiengconomy" where book keepers and accountants play the role of economists. They can’t fix their local cow 🐮 economy, how can they fix complicated economy? That is booming economy once you have a 500 SSP note. It’s even the most booming if we went to a 1,000,000 SSP note. Good enough to clean a shithole.

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    • 10 June 14:29, by The Rhino

      Treasury Bill program was introduced by Kornelio Koryom to minimize the damages in the economy,it didn’t work.Deng Athorbei shifted to floating the exchange rate against the dollar,it miserably failed.South Sudan’s economy has ever since been spiraling down the shithole,and jienges imposters shattered the once strongest economy.Its clear that jienges always bite too much into their mouths than...

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      • 10 June 14:33, by The Rhino

        ...they can chew.Complex issues require cross thinking.So jienges must admit their incompetencies and give way to experts who can fix things.This 500 note is just another waste of time.

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  • 10 June 07:58, by Mike Mike

    Having such a big banknote doesn’t have any side effect I think the aim of coming up with this proposal now is because government wants to improve the current economic crisis that our young nation was facing.Take an example from Kenya and Uganda they have big note of 500 shillings and their economic status is okay now so I wish this does not have any negative impact at all.This proposal is welcome

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  • 10 June 08:18, by Ram Mi Ran

    Dinka government proved beyond doubt that their government failed to improve the economic of the country. They only know how to kill Innocent people. Introduction of 500 banknote in South Sudan is the total failure of the economic of South Sudan denying it mean that you’re either Dinka or you don’t have economy background.

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  • 10 June 09:30, by Eastern

    One sycophant, once said the ECONOMY IS BOOMING. This is the result of waging a war of attrition. A truancy village boy who who chooses to fight at school rather than learn gets home with torn shirts, shoes and eventually fatal injuries! Kiir has refused to see the writings on the wall. Milton Obote of Uganda walked down that path!

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    • 10 June 11:57, by jubaone

      Eastern
      The fact that jienges are incapable of putting up a functional system is crystal clear. They have brought themselves and the rest down miserably. The question, is why have we allowed such crap to turn our country into a shithole? Equatexit is the most logical consequence. The jienge republic is too rotten to be reformed.

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