Inflation fear hits S. Sudan ahead of new currency circulation
July 13, 2011 (JUBA) – As the Republic of South Sudan officially introduces its new currency early next week, the head of the country’s central bank has said inflation rates in neighbouring Uganda and Kenya could affect the new country’s economy.
“The current inflation in the region, especially in Uganda and Kenya, will definitely affect the new country in the short-term until we come up with a floating policy,” said the head of newly created Central Bank of South Sudan (CBSS).
The new currency, which is in denominations of one, five, 10, 25, 50 and 100 will be effective as of 18 July. They will be distributed amongst the population in exchange for Sudanese Pounds (SDG) at designated distribution centres. It is expected that the exchange rate will be 1:1.
A committee, Malok revealed, will soon be formed in all the 10 states of South Sudan to create awareness of the new currency, its value and the special features on the notes.
South Sudan’s central bank, its head said, is currently involved in negotiations with the north to redeem the old currency from South Sudan.
With the Central Bank Act still before South Sudan Legislative Assembly (SSLA), Malok urged the population to remain calm and that plans are already underway to have salaries for civil servants paid in South Sudan Pounds, effective July.
The notes printed by the UK company, De la Ru will have a portrait of John Garang.
(ST)
Bush
Inflation fear hits S. Sudan ahead of new currency circulation
When are we going to start paying taxes to the government so that we have a say on who the government spends?
People should be thought on how to pay taxes and why. We don’t want the issues of tax evasions, we must learn learn to be responsible citizens.
Nhomlawda
Inflation fear hits S. Sudan ahead of new currency circulation
What do you expect in a country that does not produce its own food? Inflation is mainly controlled and hiked by external factors. You are right Hon. Elijah to make public beware on time.
May be that little brained creature occupying Ministry of Agriculture will listen and ensure food production in the country.
In order to achieve lean government, the following ministries should be the ministries of ROSS.
1. Ministry of Defense
2. Ministry of Interior
3. Ministry for Finance and Economic Development (Financial and Fiscal Allocation Commission should be merged here)
4. Ministry of Justice
5. Ministry for Foreign Affairs
6. Ministry of Agriculture and Livestock Development (Irrigation should be merged here)
7. Ministry of Health (HIV/AIDS Commission to be merged here)
8. Ministry of Education, Science and Technology
9. Ministry of Technical and Adult Education
10. Ministry of Transport, Roads and Railways Development
11. Ministry of Mining and Petroleum
12. Ministry of Trade and Market Development
13. Ministry of Energy and Industrialization
14. Ministry of Housing, Public Utilities and Urban Development
15. Ministry of Water, Fisheries and Aquatic Ecosystem Protection
16. Ministry of Environment and Forestry
17. Ministry of Wildlife, Tourism and Hotel Industry Development
18. Ministry of Communication (Telecommunication, postal services, and internet to be under this ministry)
19. Ministry of Information and Media Development
20. Ministry of Labor and Human Resources Development
21. Ministry of Government Affairs (combining Ministry of parliamentary, cabinet and presidential affairs)
22. Ministry of States Affairs (combine all various state coordination offices in Juba and deal with other GOSS and States linkages)
23. Ministry of Culture, Youth and Sport
24. Ministry of Cooperatives and Rural Development
25. Ministry of Women, Child and Disabled Welfare
26. Ministry of Land and Settlement
Important Commissions
1. Public Service Commission
2. Anticorruption Commission
3. Human Rights Commission (Public Grievances Commission and Employees Justice Chamber to be merged here)
4. Investment Authority (Ministry of Investment to be downgraded to Authority)
5. Humanitarian and Resettlement Commission (Ministry of Humanitarian and Disaster Management plus SSRC to be merged into this commission)
6. Demining Commission
7. Disarmament Demobilization and Reintegration Commission,
8. Public Employment Pension Fund Authority (to deal with retirees and their maintenance)
9. Peace and Community Reconciliation Commission (Ministry of Peace and CPA Implementation be downgraded into commission)
Presidential advisors should be reduced to four only.
doublebookdialled
Inflation fear hits S. Sudan ahead of new currency circulation
You are right Elijah,
South Sudan will be badly hit by inflation but it will not be because of neighboring inflation, remember money that will start from one as the smallest money to buy the least item. if you have realize that then just tell us what next should you do???? advice the rest on how to curb that.
tell to those who are only seeing heads physically and do not see what is the economical effect of this money.
doublebookdialled
Aleu
Inflation fear hits S. Sudan ahead of new currency circulation
Why always Pound in Sudan make it brown.? Why not making look good just like other Pounds in the world’s Western nations.?
Sam.Eto
Inflation fear hits S. Sudan ahead of new currency circulation
Garang Deng Energy minister in GOSS has stated that South Sudan will only offer the North 20-30% of oil production in return for 5-10% discount on refined oil products.
Cibaipiath Junub Sudan
Inflation fear hits S. Sudan ahead of new currency circulation
I wish South Sudan Pound should be more stronger than any. It should not be like Kuol Manyang Juuk Pound where he cheated Lakes State Population to earn more dollars for just a paper. Let us value and honor this new Pound as a genuine pound with all monetary features.
Nhomlawda
Inflation fear hits S. Sudan ahead of new currency circulation
Cibaipiath Junub Sudan
All paper currencies are made of linen and cotton plus few silk or silver linings which are just paper components anyway. The different between other paper money and one for Kuol Manyang is that Kuol Manyang pound was not sophisticated to be forged and not durable enough to resist wear and tear for sometimes. Another problem with Kuol Manyang pound was that, there was no sovereignty and modern economy that could dictate and protect its value at the time.
Kuol Manyang pound was launched at the time as a desperate attempt to prevent people going back to the primitive barter trade time of changing goods for goods.
Otherwise, all moneys including US Dollars are just papers by face value.
Josh
Inflation fear hits S. Sudan ahead of new currency circulation
Another idiot work has started in south sudan. Instate to work on how to make the currency stronger and good for the country, now unqualified workers are seeking help from uganda and kenya.
Take off the pumpkin head of criminal on the note.