South Sudanese Pound

"Landep News"

South Sudanese Pound

South Sudanese banking system released on Monday its new currency, the South Sudanese pound, in the banks of the capital of the state, Juba, the undersecretary for planning in the Finance Ministry announced.

It is considered that it will take two months until the new currency will replace the circulating currency of Sudan, the Sudanese pound.

Omar al Bashir, the president of the “second republic” of Sudan announced that, as a result of the secession, the Republic of Sudan will also print a new currency.

The undersecretary for planning said that now that the north will print a new currency the people leaving in the Republic of Sudan won’t need it anymore, which gives them the right to actually burn the Sudanese pound circulating on the South Sudanese territory, or to stamp it as worthless, because there are no storage places in Juba.

President of South Sudan Holding South Sudanese Pound

According to the South Sudan central bank president, the South Sudanese pound is equal to the Sudanese pound, and is trade officially at 2.67 for one dollar, and unofficially on the parallel market at 3.4 for one dollar.

South Sudanese banking authorities plan to apply a “managing float” of their currency, and to settle its value according to the price of oil and the value of the neighboring currencies.

South Sudan was forced to release currency because of a shortage in the northern Sudanese central bank. The release started six months ago.

South Sudan has obtained through independence 375,000 barrels of oil, 75 percent of the total amount of oil in Sudan, making the newest country in the world the third sub-Saharian African country producing oil.

South Sudan proclaimed independence from Sudan on July 9, as a result of 22 years of civil war with the north, and a referendum on January 17, by which 99% of the population decided to secede from the largest sub-Saharian republic.

Last week, in an address to the parliament, president of the Republic of Sudan proclaimed a “second republic,” dominated by the sharia, Islamic law, and by Arabic language.

Bashir also promised to achieve a way to deal with the breakaway provinces of Darfur and South Kordofan.

A ceasefire agreement was signed in the capital of Qatar between Darfur rebels and the government in Khartoum, but it is possible that the agreement may never be applied because it was signed by only one of the three rebel groups.

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