Emmanuel Mandela
Africa-Press – South-Sudan. The Bank of South Sudan announced the issuance of a new series of one thousand South Sudan pound (SSP 1000) banknotes with new currency name.
The move aligns with the mandates of the Banking Act 2012 and the amended Bank of South Sudan Act 2013.
According to the bank, the “newly issued banknotes retain the principal characteristics of the previous series but feature a crucial alteration in terminology.”
“The new series will now bear the designation “South Sudan pound” instead of the earlier “South Sudanese pound.” This update, while subtle, underscores the government’s commitment to standardizing financial terminology in line with international practices,” it noted on a press statement seen by The City Review.
Dr. James Alic Garang, Governor of the Bank of South Sudan, emphasised the importance of the decision saying it is a “testament to our ongoing efforts to strengthen the national currency and ensure consistency in our financial systems, we urge all financial institutions to note these changes and facilitate a smooth transition.”
The Bank of South Sudan has called on all financial institutions to update their records and systems to reflect the new banknotes, the attached specimen provides detailed specifications to aid in the recognition and handling of the new series.
However, some traders have viewed this as a strategic move to boost confidence in the South Sudanese currency amid the ongoing economic challenges. The public is expected to adapt swiftly, given the minimal changes in the banknote’s appearance.
However, Elias Michael, a local businessman in Western Equatoria State, expressed cautious optimism about the new note.
“Consistency in our currency is vital for business and trade. I believe this move will help stabilize transactions and enhance trust in our financial system,” he said.
The Bank of South Sudan’s proactive approach is a positive step toward achieving financial stability and growth for the nation.
Source: The City Review South Sudan
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