× Digital News Videos Health & Science Lifestyle Opinion Education Cartoons Columnists Moi Cabinets Arts & Culture Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS

South Sudan introduces new banknotes

By Xinhua | February 10th 2021

South Sudan's central bank on Tuesday introduced a new banknote of 1,000 South Sudanese pounds (SSP) as the east African nation continues to struggle with hyperinflation amid a shortage of foreign reserves.

Dier Tong Ngor, governor of the Bank of South Sudan, said the bank will soon embark on a nationwide campaign to educate the public on the new banknote features that include the image of the country's revolutionary late leader John Garang.

"It is in the view of the need to make our currency more convenient to use that we are today introducing the SSP 1000 banknote into circulation to complement the existing banknotes to ensure convenience, and bring about efficiency in the printing of currency to generate savings for the country," Ngor told reporters in Juba.

He said for the past few years the east African nation has been characterized by high inflation, including perpetual depreciation of the currency has eroded the face value of the young nation's banknotes.

"This new higher value denomination will only partially restore the dollar value of SSP 10 in 2011, but high enough to significantly reduce the deadweight loss and high transaction cost in making high-value purchases in a cash-based economy like South Sudan," he added.

South Sudan depends on oil revenue for 98 per cent of its budget, but production decreased significantly due to civil strife that erupted in December 2013, causing most oilfields in the country's oil-rich northern region to shut down.

South Sudan President Salva Kiir (R): (PHOTO: REUTERS)


Share this story
Judge sues in land dispute
The judge was in possession of a certificate of lease, transfer documents from Samuel Kiplangat to him dated October 27, 2010.
How successful spectrum awards can accelerate digital agendas across Africa
The mobile market in the Sub-Saharan region is expected to reach several important milestones over the next five years.