Inflation fear hits S. Sudan ahead of new currency circulation
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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.
JPEG - 52.5 kb
South Sudan Pound (ST)
Addressing journalists a media briefing held at the bank’s premises on
Tuesday, Elijah Malok said officials from the bank, ministry of
finance and economic planning, energy and mining will meet to
determine the exact value of South Sudan pound.
“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)
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