South Sudan limits currency conversion period to 45 days
July 26, 2011 (JUBA) – The Central Bank of South Sudan (CBSS) on Tuesday announced a new policy limiting conversion from Sudanese Pounds to new South Sudan Pounds after independence to one and a half months.
The deputy head of the former branch of the Central Bank of Sudan, now South Sudan’s national bank, said the launching of the new currency by the north necessitated the change of schedule in duration allowed for collection of the old currency from the public.
“The change of schedule has been necessitated by the launch of a new currency by the North; therefore, central bank of South Sudan is asking all the people to comply with the new schedule,” reads part of the statement obtained by the Sudan Tribune on Tuesday.
The Central Bank of South Sudan (CBSS) statement cautioned that any old currencies which will not have been exchanged by the end of the period will be rendered valueless.
The statement advised the general public to go to the nearest designated centers and exchange their currency. All commercial banks are exchange centers.
“The CBSS has asked them to allocate specific counters for this exercise. Any persons or companies with more than SDG 50,000 in cash have been advised to open bank accounts and deposit the money there. All funds held in bank accounts will be exchanged automatically”, adds part of the statement while explaining further that all banks have been advised to report any suspicious deposits and fund movements which may signal money laundering and other crimes to the CBSS.
The banks have also been asked to report cases of counterfeit notes.
The statement signed by Mr. Kornelio Koriom Mayik who chairs the South Sudan Currency Conversion Committee, says that commercial banks have been directed not to make any payments in SDG henceforth.
The currency conversion exercise had crippled the services of Automatic Teller Machines (ATMs) in the country. This was largely due to the introduction of new denominations which required reprogramming of ATM systems. Similarly, the change in the size of the currency – the SSP is smaller than the SDG – also caused a major challenge. The issues have now been addressed and the ATM services have resumed normally.
(ST)
Mi diit
South Sudan limits currency conversion period to 45 days
we need currency experts in south sudan to deal with the emerging situation. i don’t trust the current guys who handle it. otherwise, our short, dateless and ill-designed currency may soon crash and force us to replace it before the year ends.
Bush
South Sudan limits currency conversion period to 45 days
The hurriedly lunching of the currency without proper design and plan will make it lose its value soon especial of if they don’t introduce the coins. There are still a lot need to be done in the future.
LOJUBA
South Sudan limits currency conversion period to 45 days
I think we need to closed the Sudan old currency to enter our Nation, we need to check people entering Juba or any port of entry , this will help our economy not to drop down.
Secondly I witness one shame story, two of guys from south sudan , in ATLABARA Market seriously buying goods with fake money 50 SDG , one escape and one was capture by the local people of Atlabara and was handed over to the Polce man, the next Day the man was release by his SAME LANGUAGE Brothers, and he came back to accuse this POOR local people and threaten their life.
WHAT I CAN SAY ?
LONG LIVE SOUTH SUDAN
Cuei Rooi
South Sudan limits currency conversion period to 45 days
South Sudan should do what necessary to contained this rogue activities of North Sudan.thank.Malok aleng central Bank president for that quick move
belle loboi
South Sudan limits currency conversion period to 45 days
Now we need to put Lt general Gatluak Gai head on the Money just like Dr Garang head
monduloka
South Sudan limits currency conversion period to 45 days
Lt General Gatluak history is like the one of Osama Bin Ladin it is easly forgotten but Dr Gareng is rememberd 4 life
God bless Gareng and people of south sudan.
Dumodit
South Sudan limits currency conversion period to 45 days
My dear
Don’t jump from point to mislead people out of curreency issue to your own nightmare decision.
Gatluak has gone. Let the South Sudan council of ministers and MPs remembrance him. Otherwise no one can listen to you. Don’t talk like a pool.
For me I have to say, how much is the exchanging rate of currency from SDG to SSP?
Neil Commercial bank managers are thieves. Why government of RoSS directs citizen to change their money of SDG by NCB?
Who can trust NCB in the South?
My commend to the South Sudan Bank president and the bank governor is to remove the name of “Deng Athor-bei” from the new Currency. Let his signature remain for time being is he appointed as caretaker in place of minister of finance SS. Otherwise many citizens of South Sudan will refuse the money. The new currency is for the service of South Sudan people. It is not his father Athorbei or Atheerbei’s money.
If Deng Athorbei is continuous in the currency, we will consider this money valueless or blame the producers as never being working in this post before.
padiit gaga
South Sudan limits currency conversion period to 45 days
why ROSS put the head of Dr.John on all money what about the first president Salva kirr,if not what about nyon?
In USA the first president Georg Washington is head was put on ONE Dolar, Abraham Lincoln is head was put on Five Dolars.
Why do we put the head of one person on all money? kirr head should be put on other money. Dr.JOhn Garang is not the one who fought for south independent alone.