S. Sudan central bank chief says new banknote will strength value of local currency against dollar

JUBA – South Sudan’s Central Bank on Tuesday introduced a new banknote of SSP1000 denomination, a move which they believe  will strengthen the value of pounds against the U.S dollar.

“This new higher value the denomination will only partially restore the dollar value of SSP 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,” said Dier Tong Ngor during the press announcement of SSP 1000 banknotes into circulation in the bank’s headquarters in Juba this morning.

Dier cautioned the public against misinterpreting the introduction of the new banknotes.

“The introduction of these high-value notes should not be misinterpreted to means a shift from the Central Bank’s policy of promoting  the use of electronic modes of payments,” Dier told reporters during the press announcement.

Tong said that the bank will embark on a nationwide campaign to educate the general public on key security features of the new denomination.

“I urge all of us to enlighten our people about the SSP 1000 banknotes features to facilitate the detection of fake currency notes,” he said.

“Our aim is to align the structure of the banknote with the needs of the people who use it for their daily transactions. We need banknotes that are convenient, high quality, secure, and cost-effective,” he added.