Home | News    Friday 22 July 2011

Sudan to launch new currency on Sunday

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July 21, 2011 (KHARTOUM) – The Sudanese government today announced that the new currency will be officially circulated next Sunday amid tensions with the new state of South Sudan on how to get rid of the old currency.

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Sudan’s Central Bank Deputy Governor Badr Al-Din Mahmoud holds up the new Sudanese currency during a news conference at the Central Bank headquarters in Khartoum July 16, 2011 (Reuters)

Sudan’s finance and national economy minister Ali Mahmood Hassanein told the parliament on Thursday that July’s salaries will be paid in the new currency.

He also cautioned on the possibility that some old Sudanese pounds would be smuggled into Sudan for the purpose of exchanging it with the new one and stressed that measures will be taken to prevent that.

Hassanein was apparently making reference to what Sudan perceives as attempts by the authorities in South Sudan to undermine their economy.

South Sudan has been resisting demands by Khartoum to hand over the old version of the pound circulated in the South which was estimated to be equivalent to $700 million.

The Central Bank of Sudan (CBoS) said last week that South Sudan wants to replace old pound only through exchanging it with foreign currency or commercial trade between the two countries.

But Hassanein today dismissed the demand saying that South Sudan can keep the old currency "in the museums".

"They can keep it the same way they kept the [Sudanese] flag [at South Sudan independence ceremony]" the minister said.

South Sudan has already issued its own currency this week.

The Sudanese official underscored that the South’s secession "created a new reality" adding the commercial dealings with the new state will be conducted only in foreign currency.

He noted a recent order by the South for 100,000 tons of corn from Sudan.

"If the South wants it, then [this purchase] will only be completed [at the current] world price," Hassanein said.

He further said that South Sudan is more impacted by the country’s breakup as prices there have skyrocketed whereas Sudan’s economy on the other hand is strong and stable.

Both countries appeared to be in growing disarray over economic issues including currency and fees on transporting oil from the landlocked South through pipelines in Sudan. They have also yet to agree on splitting the national debt which stands at $38 billion.

The secession of the South, where three-quarters of Sudan’s 470,000 barrels per day of oil is produced, has aggravated the mounting economic difficulties facing Khartoum, by cutting an estimated 36.5 percent off its total revenues, according to the finance ministry.

Sudan’s revised budget for 2011, which was ratified by parliament on Thursday, envisages an income of 23.3 billion Sudanese pounds ($6.5 billion), against government expenditure of 26.7 billion Sudanese pounds ($7.5 billion) and 18 percent inflation.

(ST)

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  • 22 July 2011 08:06, by Nhomlawda

    Transport already collected notes in South Sudan to Abyei and Nuba Mountains to be exchanged there.

    repondre message

    • 22 July 2011 21:34, by Covert

      Splitting the national debt with the South? No way that can happen! the north is responsible for its own debt, South Sudan did not benefit from that $ 38 billions of debt, it is the north who benefit.

      That $ 38 billions plus was use to buy millitary hardware and built infrastructures in the north, South Sudan will be very foolish to splitting that debt they didn’t benefit from!!!!.

      repondre message

  • 22 July 2011 08:37, by Augustino

    Yes, this is the real change South Sudanese need. we will not going to be the same at all times with north, they should now realise that they were eating our wealth.
    Thanks
    Augustino Makuc Dengmakoot

    repondre message

  • 22 July 2011 09:59, by RSS Citizen

    Dear readers, logically I think that South Sudanese economy may not be affected becoz of the Sudan pound not being accepted or bought back by the Central bank of North Sudan. Ideally, if everyone converts their old pound into the new South Sudan pound within the allocated period and prevent the massive influx of the Northern circulating pound into South then we shouldn’t have any problem. I urge the GoSS to take extra procaution to prevent North Sudan from inflowing their pound into South becoz it will soon be worthless and those who exchange large some of Sudanese pound in South Sudanese pound must be questioned and properly investigated (why haven’t they been banking their money), and the banking system must be encourage and people open themselves account numbers with trusted banking entities.

    I think this is "the money war" the North were on about earlier this week.

    repondre message

  • 22 July 2011 10:58, by Anti Dinka’s

    South Sudan can keep the old currency "in the museums".

    "They can keep it the same way they kept the [Sudanese] flag

    DINKA’S ARE THE ONLY PEOPLE WHO KEPT THE OLD SUDANESE FLAG

    KIRR IS THE ONE WHO SAYS DINKA’S CAN KEEP THE OLD FLAG

    VERY FUNNY FELLOW INDEED

    repondre message

    • 22 July 2011 14:46, by Edema Darius Marcello

      Dear Readers,

      Keeping the old flag of Sudan and her currencies should not be an issue to criticize Dinka ethnic groupings, they are only big in number and they have temporary leadership with mixed personalities so far, alone they can not manage like you and me. Let us mature in politics and Public opinion.

      The core issue is, I think improving our economy, strengthening defense for our new nation and standing erect to refuse $ 38 billion debts sharing which never benefited the Republic of South Sudan instead used for killing her own brothers and sisters for the last two decades of Civil wars.

      Let’s vow never to share debts with Khartoum Government. Let us tell them we are still in honey moon, they should not be jealous. Let them try to contain their own difficulties without leaning to Republic of South Sudan which has her own challenges.

      Otherwise, why talk of debts without talking of accrued benefits and development budget for the whole decades of civil war which exclude South Sudan. Instead our resources are being looted by the Khartoum Government for their unbalance regional development and attaining weapon for massacre of Sudanese people.

      May the Soul of President Omar Hassan Al Bashir and his Supporters rest in peace.

      Amen.

      Byeeeeeeeeeeee.
      Khartoum Government, Bashir’s Government.

      repondre message

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