Sudan new currency to cost $150 mln

Sept 27, 2006 (KHARTOUM) – Sudanese official stated that the issue of the new currency would cost 150 million US dollar, turning down the initial estimation that the re-printing cost of the currency is estimated at about 100 million dollars.

The Governor of the Bank of Sudan, Sabir Mohamed al-Hassan, said that the cost of the Sudanese currency change amounted to 150 million dollars, adding that the use of the new currency would begin by the end of the current year.

Speaking at the monthly forum of Al-Wasat Economic Magazine Wednesday, al-Hassan said that the new pound will be equal to 100 Sudanese dinars.

He said that the design of the new currency was intended to reflect the unity, cultural diversity, peace and industrial development in Sudan.

The change of the national currency form the Dinar to the Pound comes as part of the implementation of the Comprehensive Peace Agreement signed on 9 January 2005.

According to the peace agreement, the donor countries have promised to provide the necessary funding for the introduction of the new Sudanese pound. But, the CPA partners decided last May to finance the operation from the oil revenue because the donors didn’t meet their pledge.

The value of the Sudanese pound would be determined by market mechanisms. The pound will replace the Sudanese dinar, which currently trades at around 235 to the U.S. dollar.

(ST)