South Sudan bank launches new notes to replace some notes in circulation

April 5, 2016 (JUBA) – The Central Bank of South Sudan has introduced new notes of its local currency, the South Sudanese Pound (SSP), after five years from its first circulation.

The move is apparently to replace some of the notes which have been in circulation since August 2011 when the country began to use its official notes after seceding from neigbouring Sudan in the same year.

The new notes, which became public on Tuesday and are expected to be extended to other areas and states in the country, are in 10 and 20 denominations.

Albino Dak Ottow, Director General at the Central Bank for Banking Operation and Currency, explained in an interview with journalists on Tuesday that the purpose of making new notes of ten pounds in green colour is to differentiate them from those of one hundred.

The 20-pound notes, he explained, are brown in color and will replace the 25 pound denomination.

“The brown notes in colour are a twenty note. It will replace twenty five notes now in circulation. The 25 pounds will be immediately stopped from being used. It will continue to remain in use until they are all collected by the Central Bank,” said Ottow.

It was not clear what prompted the government to change the figures of the denominations, amidst economic deteriorating situation with devaluing local currency against the dollar.

Residents in Juba however told Sudan Tribune that they have seen improvement of the strength of the South Sudanese pounds against the United States dollar after the arrival of the opposition forces, which was probably a natural economic response to the sign of peace and stability in the country.

This week, the exchange rate in the market has dropped from 42 SSP per 1 US dollar to 38 SSP against a US dollar.

(ST)