NEW CURRENCY FOR SOUTH SUDAN

South Sudan To Issue New Currency On July 9

ADAKU SAMUEL

JUBA-GoSS Minister for Finance and Economic Planning David Deng Athorbei has announced on Saturday that the new South Sudanese Pound will be in use immediately after independence.

Athorbei told the media in Juba that the printing of the currency was kept secret but the government of South Sudan is preparing herself to assume all monetary responsibilities of the nation with a new currency.

He revealed that some of the features on the South Sudan Pound will include the face of Dr. John Garang, the culture, heritage and wealth symbols of the new state. According to the minister, the face of the late leader will remind southerners on the long road to independence.

There have been fears and speculation among the people on whether South Sudan would continue to use Sudanese pounds, but the minister assured the media that Sudanese pounds would no longer be used in the south after independence.

Athorbei added that the use of Sudan currency would undermine the independence of the south as the Bank of South Sudan would be rendered functionless to the country.

On ninth of July, he said, the Bank of South Sudan will release the new currency to the market and will receive all Sudanese pounds for storage and for final destruction. The minister however assured traders and civil servants that the use of Sudanese pounds will not be dampened immediately the new currency is issued but, "there will be a grace period given by the Bank of South Sudan to return the currency."

Athorbei told the people of South Sudan to continue with their economic activities and to be in no doubt that the new currency will not affect trade and market exchange rates. He told the media that the government of southern Sudan has contracted a European Company for the printing adding that it will release the new currency once USA or UK acknowledges the independence of South Sudan. He added that the North may also issue a new currency on July 9, 2011.