Exchange centres to be established for new currency
The Central Bank of South Sudan will establish exchange centres for the citizens to return the old currency in exchange for the new ones, the head of the bank, Elijah Malok has announced.
Malok told the media at the bank’s premises on Tuesday July 12, that the new currency, the South Sudan Pound (SSP) will be released to the market on Monday July 18, 2011.
The head of the bank also announced that the new currency will exchange 1:1 to the Sudan Pound (SDG) for now. He however said that the value may change in the coming days depending on market forces.
The new currency notes, with the picture of the late John Garang at the front, will be in denominations of One, Five, 10, 25, 50 and 100 pounds. The coins will be in the denominations of one, five, 25 and 50 piasters.
Malok said that the lower denominations in form of coins are still being minted.
He explained that government will ensure that the exchange of money is done in a systematic manner.
According to Malok, at the moment, there is between 1.5 to 2 billion Sudanese Pounds in circulation within the economy in South Sudan and withdrawing all that will be done in various ways including trade and replacement with the Dollar.
He also announced that the central bank staff would start enlightening the masses about the new notes features today (Wednesday).
“A technical team has been established to mobilize South Sudanese,” he said. Malok said that July salaries will be paid in the new currency.
As part of the sensitization, the bank has printed a dummy of the new notes on a poster for citizens to view in public places.
In the poster titled, “Know your new South Sudan banknote” the key features used to identify the notes are; Windowed thread: The thread changes from red to green when tilted. When held up to the light it is continuous reading BSS and the denomination.
See-through: Locate the shape to the left of the watermark. Hold the note up to the light. The shape completes with the image on the back of the note.
Feature for the blind: There is a raised effect to the blind recognition feature that can be felt by running a finger over it.
Watermark: When held against the light the portrait of Dr. John Garang de Mabior and the denomination can be seen. In reverse this will appear backwards.
Iridescent Band: Moving the note around shows a shiny stripe pattern on the back of the note. The stripe shows the denomination of the bank note
According to the description, banknote have a unique rough feel which is different from other printed materials such as magazines or computer print outs.
Another identity of the note is that when tilted, the value numeral can be seen in the feature underneath the Governor’s signature.
