Sudan unveils new currency
THE South Sudan Central Bank yesterday unveiled its new currency known as the Sudanese Pound.
By Ibrahim Kasita
THE South Sudan Central Bank yesterday unveiled its new currency known as the Sudanese Pound.
The currency will be used in North and South Sudan.
The Sudanese Ambassador, Hassan Gad Karim, confirmed: “We have today (yesterday) changed our currency to the Sudanese Pound whose exchange rate will be half a dollar for each pound.â€
The currency replaced the dinnar and other currencies like the Ugandan and Kenyan shillings and Ethiopian birr that have been in circulation in South Sudan.
The pound is in six denominations - one, two, five, 10, 20 and 50.
Karim said the fate of other foreign currencies would be known next week when Sudanese officials visit Uganda and other countries to work out the replacement of foreign currencies in South Sudan.
Kampala City Traders Association welcomed the development.
The spokesman, Issa Sekito, explained that: “We are ready to use the money as long as it can be converted to dollars.â€
Bank of Uganda communications chief Juma Walusimbi was last month quoted in The New Vision as saying the development would not affect business.
“The development will not have any adverse effect on the shilling because it is a free floating currency.†Walusimbi noted that the move should not dampen the thriving cross-border trade between the two countries.
“Traders and those trying to invest in South Sudan should be confident because it is a normal development.
“They will be able to trade the shilling with the new pound to carry out transactions.â€
One pound is equivalent to sh895.
THE South Sudan Central Bank yesterday unveiled its new currency known as the Sudanese Pound.
The currency will be used in North and South Sudan.
The Sudanese Ambassador, Hassan Gad Karim, confirmed: “We have today (yesterday) changed our currency to the Sudanese Pound whose exchange rate will be half a dollar for each pound.â€
The currency replaced the dinnar and other currencies like the Ugandan and Kenyan shillings and Ethiopian birr that have been in circulation in South Sudan.
The pound is in six denominations - one, two, five, 10, 20 and 50.
Karim said the fate of other foreign currencies would be known next week when Sudanese officials visit Uganda and other countries to work out the replacement of foreign currencies in South Sudan.
Kampala City Traders Association welcomed the development.
The spokesman, Issa Sekito, explained that: “We are ready to use the money as long as it can be converted to dollars.â€
Bank of Uganda communications chief Juma Walusimbi was last month quoted in The New Vision as saying the development would not affect business.
“The development will not have any adverse effect on the shilling because it is a free floating currency.†Walusimbi noted that the move should not dampen the thriving cross-border trade between the two countries.
“Traders and those trying to invest in South Sudan should be confident because it is a normal development.
“They will be able to trade the shilling with the new pound to carry out transactions.â€
One pound is equivalent to sh895.