SOUTH SUDAN – The Central Bank of South Sudan has introduced a 1,000-pound banknote in a move to ease transactions.
“Our aim is to align the structure of the banknote with the need of the people who use it for their daily transactions. We need banknotes that are convenient, high quality, secure, and cost effective,” Central Bank governor Dier Tong told journalists in Juba during a press briefing.
“In July 2019, the Bank of South Sudan planned to introduce 1,000 pound after the successful introduction of the 500-pound banknotes in 2018, which indicated a significant increase in the demand for higher denomination banknotes,” he clarified.
Mr Tong added that this should not be misinterpreted as going against the bank’s policy of promoting use of electronic modes of payment.
“While vigorously pursuing financial inclusion by accelerating the migration to e-payment platforms, we are also mindful of the relevance of cash in our day-to-day dealings. Undeniably, cash still remains preferred medium of payment by the large informal sector in the country,” he said.
The 1,000 Pound banknote has a feature for the partially sighted, a watermark, disappearing value, and is a gold-coloured iridescent banknote.
‘’We are also mindful of the relevance of cash in our day-to-day dealings. Undeniably, cash still remains preferred medium of payment by the large informal sector in the country”Dier Tong – Governor, Central Bank of Sudan
It also has a watermark portrait of Dr John Garang De Mabior with the dominant maroon colour and a colour changing holographic security strip, among other distinct features.
The South Sudanese Pound was introduced on July 18, 2011, replacing the Sudanese Pound after the country achieved its independence following 21 years of brutal civil war with the North.
Before the introduction of the 1,000 Pound banknote, the Pound had seven denominations of 1, 5, 10, 20, 50, 100 and 500 pounds which was introduced in 2019.
In 2016, the Bank of South Sudan issued a 20 Pound banknote to replace the 25 Pound banknote.
In November 2020, South Sudan’s Central Bank said it would tighten the country’s monetary policy to mitigate the rapid depreciation of the South Sudanese Pound against the US dollar.
In October of the same year, South Sudan’s Council of Ministers opted to change the currency in an attempt to bring back hoarded cash that it claimed is aiding the decline of the economy.
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