South Sudanese pound

Last updated

South Sudanese pound
2011 South Sudan one pound.jpg
South Sudanese SSP 1 note
ISO 4217
CodeSSP (numeric:728)
Subunit 0.01
Denominations
Subunit
 1⁄100 Piaster
BanknotesSSP 1, SSP 5, SSP 10, SSP 20, SSP 25, SSP 50, SSP 100, SSP 500, and SSP 1,000
CoinsSSP 0.10, SSP 0.20, SSP 0.50, SSP 1, and SSP 2 [1]
Demographics
User(s)Flag of South Sudan.svg  South Sudan
Issuance
Central bank Bank of South Sudan [2]
Valuation
Inflation 40.2%
 Source IMF (2023)
 Method CPI

The South Sudanese pound (ISO code and abbreviation: SSP [3] ) is the currency of the Republic of South Sudan. It is subdivided into 100 piasters. It was approved by the Southern Sudan Legislative Assembly before secession on 9 July 2011 from Sudan. [4]

Contents

Banner in Juba announcing the conversion from the Sudanese pound (SDG) to the new currency the South Sudanese pound (SSP)

It was introduced on 18 July 2011, and replaced the Sudanese pound at par. [5] On 1 September 2011, the Sudanese pound ceased to be legal tender in South Sudan.

On October 8, 2020, due to rapid depreciation of the South Sudanese pound's exchange rate with the United States dollar, South Sudan announced that it would soon change its currency. [6] [7]

Banknotes

The banknotes feature the image of John Garang de Mabior, the late leader of South Sudan's independence movement. [8]

Six different denominations (SSP 1, SSP 5, SSP 10, SSP 25, SSP 50, SSP 100 and SSP 500) in the form of banknotes have been confirmed, and five denominations (SSP 0.01, SSP 0.05, SSP 0.10, SSP 0.25 and SSP 0.50) will be issued in the form of coins. [9] [10]

Three new banknotes for SSP 0.05, SSP 0.10, and SSP 0.25 were issued 19 October 2011. [11]

The first circulation coins of the South Sudanese pound in denominations of SSP 0.10, SSP 0.20, and SSP 0.50 were issued 9 July 2015, on occasion of the fourth anniversary of independence from Sudan. [12]

In 2016, the Bank of South Sudan issued a SSP 20 banknote to replace the SSP 25 note. [13] In 2018, the Bank of South Sudan introduced a SSP 500 banknote to ease daily cash transactions following years of inflation. [14]

As part of a currency redesign to reduce confusion, a SSP 1 coin was released to replace the SSP 1 banknote, and a coin for SSP 2 has also been released. [15] [16] The SSP 10, SSP 20 and SSP 100 notes were all redesigned. [15]

In November 2016, the Governor of the Bank of South Sudan issued a statement dismissing as false reports claiming that the bank was printing new notes in denominations of SSP 200, SSP 500 and SSP 1,000. [17]

In February 2021, the Bank of South Sudan issued a SSP 1,000 banknote as part of an effort to combat rising inflation and economic crisis. [18] [19] The maroon banknote features a familiar design of John Garang on the obverse, and an image of two ostriches on the reverse. [20]

Banknotes of the South Sudanese pound
ImagesValueObverseReverseWatermark
SSP 0.05 Dr. John Garang de Mabior OstrichThe Flag of South Sudan in repeated rows and Dr. John Garang de Mabior on the right front of the note
SSP 0.10Kudu
SSP 0.25River Nile
SSP 1GiraffesDr. John Garang de Mabior and an electrotype 1
SSP 5Sanga cattleDr. John Garang de Mabior and an electrotype 5
SSP 10Buffaloes; pineappleDr. John Garang de Mabior and an electrotype 10
SSP 20 Oryx antelopes; oil derrick Dr. John Garang de Mabior and an electrotype 20
SSP 50ElephantsDr. John Garang de Mabior and an electrotype 50
SSP 100Lion; waterfallDr. John Garang de Mabior and an electrotype 100
SSP 500River NileDr. John Garang de Mabior and an electrotype 500
SSP 1,000OstrichesDr. John Garang de Mabior and an electrotype 1000

Coins

Coins in denominations of SSP 0.10, SSP 0.20, and SSP 0.50 were put into circulation on 9 July 2015 (South Sudanese Independence Day). [21] As of 2016, South Sudan's coins are being struck at the South African Mint. [16]

Bimetallic coins in denominations of SSP 1 and SSP 2 were put into circulation during 2016. [15]

The Coat of arms of South Sudan with the country name 'REPUBLIC OF SOUTH SUDAN' and the date will appear on the obverses. The various coins will include the following: [22]

Exchange rates

At the time of introduction of the South Sudanese pound in 2011, the exchange rate was SSP 2.75 for US$1. [23] As of 10 May 2024, the commercially available exchange rate was SSP 1555.57 for US$1, and the parallel exchange rate was SSP 3050 for US$1. [24]

Related Research Articles

The Kwacha is the currency of Zambia. It is subdivided into 100 Ngwee.

<span class="mw-page-title-main">Malawian kwacha</span> Currency of Malawi

The kwacha is the currency of Malawi as of 1971, replacing the Malawian pound. It is divided into 100 tambala. The kwacha replaced other types of currency, namely the British pound sterling, the South African rand, and the Rhodesian dollar, that had previously circulated through the Malawian economy. The exchange rate of the kwacha undergoes fixed periodical adjustments, but since 1994 the exchange rate has floated. In 2005, administrative measures were put in place by Bingu wa Mutharika to peg the exchange rate with other currencies. Banknotes are issued by the Reserve Bank of Malawi. In May 2012, the Reserve Bank of Malawi devalued the kwacha by 34% and unpegged it from the United States dollar. The currency was further devalued by 25% by the central bank in May 2022 followed by another 44% devaluation in November 2023 raising inflation rate in Malawi.

The South African rand, or simply the rand, is the official currency of the Southern African Common Monetary Area: South Africa, Namibia, Lesotho and Eswatini. It is subdivided into 100 cents, and a comma separates the rand and cents.

<span class="mw-page-title-main">Namibian dollar</span> Currency of Namibia

The Namibia dollar has been the currency of Namibia since 1993. It is normally abbreviated with the dollar sign ($), or alternatively N$ to distinguish it from other currencies called “dollar.” It is divided into 100 cents.

<span class="mw-page-title-main">Singapore dollar</span> Official currency of Singapore

The Singapore dollar is the official currency of the Republic of Singapore. It is divided into 100 cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore (MAS) issues the banknotes and coins of the Singapore dollar.

<span class="mw-page-title-main">Botswana pula</span> Currency of Botswana

The pula is the currency of Botswana. It has the ISO 4217 code BWP and is subdivided into 100 thebe. Pula literally means "rain" in Setswana, because rain is very scarce in Botswana—home to much of the Kalahari Desert—and therefore valuable and a blessing. The word also serves as the national motto of the country.

<span class="mw-page-title-main">Swazi lilangeni</span> Currency of Eswatini

The lilangeni is the currency of Eswatini and is subdivided into 100 cents. It is issued by the Central Bank of Eswatini and is authorised by the king and his family. The South African rand is also accepted in Eswatini. Similar to the Lesotho loti, there are singular and plural abbreviations, namely L and E, so where one might have an amount L1, it would be E2, E3, or E4.

The leone is the currency of Sierra Leone. It is subdivided into 100 cents. As of 1 July 2022, the ISO 4217 code is SLE due to a redenomination of the old leone (SLL) at a rate of SLL 1000 to SLE 1. The leone is abbreviated as Le placed before the amount.

<span class="mw-page-title-main">Ugandan shilling</span> Currency of Uganda

The shilling is the currency of Uganda. Officially divided into cents until 2013, due to substantial inflation the shilling now has no subdivision.

<span class="mw-page-title-main">Tanzanian shilling</span> Currency of Tanzania

The shilling is the currency of Tanzania. It is subdivided into 100 cents . The Tanzanian shilling replaced the East African shilling on 14 June 1966 at par.

<span class="mw-page-title-main">Fijian dollar</span> Currency of Fiji

The Fijian dollar has been the currency of Fiji since 1969 and was also the currency between 1867 and 1873. It is normally abbreviated with the dollar sign $, or alternatively FJ$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

<span class="mw-page-title-main">Jamaican dollar</span> Currency of Jamaica

The Jamaican dollar has been the currency of Jamaica since 1969. It is often abbreviated to J$, the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents, although cent denominations are no longer in use as of 2018. Goods and services may still be priced in cents, but cash transactions are now rounded to the nearest dollar.

The dinar was the currency of Sudan between 1992 and 2007. Its ISO 4217 code was "SDD" and had no official subdivision. It replaced the first Sudanese pound and, in turn, was replaced by the second Sudanese pound.

<span class="mw-page-title-main">Guyanese dollar</span> Currency used in Guyana

The Guyanese dollar has been the unit of account in Guyana since 29 January 1839. Originally it was intended as a transitional unit to facilitate the changeover from the Dutch guilder system of currency to the British pound sterling system. The Spanish dollar was already prevalent throughout the West Indies in general, and from 1839, the Spanish dollar unit operated in British Guiana in conjunction with British sterling coins at a standard conversion rate of one dollar for every four shillings and twopence. In 1951 the British sterling coinage was replaced with a new decimal coinage which was simultaneously introduced through all the British territories in the Eastern Caribbean. When sterling began to depreciate in the early 1970s, a switch to a US dollar peg became increasingly attractive as an anti-inflationary measure and the Eastern Caribbean Currency Authority made the switch in October 1975. The Guyanese dollar is normally abbreviated with the dollar sign $, or alternatively G$ to distinguish it from other dollar-denominated currencies.

<span class="mw-page-title-main">Belarusian ruble</span> Currency of Belarus

The ruble, rouble or rubel is the currency of Belarus. It is subdivided into 100 kopecks.

<span class="mw-page-title-main">Barbadian dollar</span> Currency of Barbados

The dollar has been the currency of Barbados since 1935. Globally its currency has the ISO 4217 code BBD, however, unofficially in Barbados the International vehicle registration code BDS is also commonly used, a currency code that is otherwise reserved for Bangladesh outside Barbados. As such the present Barbados dollar has the official ISO 4217 code of BB which matches the [dot] .bb Cc-TLD domain names classification for Barbados under ISO 3166, plus D for dollar in the foreign exchange market. The Barbadian dollar is considered as a currency which can be divided into 100 cents, though the 1 cent coin is in the process of being phased out. In terms of population, Barbados is the third smallest country in the world after Tonga and the Seychelles to have an independent currency and monetary policy.

The tālā is the currency of Samoa. It is divided into 100 sene. The terms tālā and sene are the equivalents of the English words dollar and cent in the Samoan language. Its symbol is $, or WS$ to distinguish it from other currencies named dollar.

<span class="mw-page-title-main">Cape Verdean escudo</span> Currency of the Republic of Cape Verde

The escudo is the currency of the Republic of Cape Verde. One escudo is subdivided into one hundred centavos.

<span class="mw-page-title-main">Sudanese pound</span> Currency of Sudan

The Sudanese pound is the currency of the Republic of the Sudan. The pound is divided into 100 piastres. It is issued by the Central Bank of Sudan.

<span class="mw-page-title-main">Kiribati dollar</span> Currency of Kiribati

The Kiribati dollar is one of the two official currencies of Kiribati. The Kiribati coins are pegged at 1:1 ratio to the Australian dollar, the other official currency of Kiribati. Kiribati coins were issued in 1979 and circulate alongside banknotes and coins of the Australian dollar. In present day, Kiribati coins are rare in comparison to Australian coins with the last minor emission made in 1992, and these old coins are now generally collectors items. The complete emissions of coins were made in 1979 and in 1989 for the tenth anniversary of independence.

References

  1. ↑ Quartz Africa 8 July 2015 Four Years in, the world's newest country, South Sudan, introduces its first coins https://qz.com/africa/447398/four-years-in-the-worlds-newest-country-south-sudan-introduces-its-first-coins/
  2. ↑ Adaku Samuel. "South Sudan To Issue New Currency On July 9". Juba Post . Archived from the original on 17 July 2011. Retrieved 10 July 2011.
  3. ↑ "Introduction of SSP1000 banknotes into circulation - Bank of South Sudan". boss.gov.ss. 9 February 2021.
  4. ↑ SSLA endorses national anthem and coat of arms. 26 May 2011 Archived 31 July 2011 at the Wayback Machine
  5. ↑ "South Sudan Pound released July 18". Archived from the original on 25 January 2012.
  6. ↑ "South Sudan to change currency to improve economy - government spokesman". Reuters. 10 October 2020. Retrieved 10 October 2020.
  7. ↑ "South Sudan plans to change national currency to shore up economy - Xinhua | English.news.cn". www.xinhuanet.com. Retrieved 10 October 2020.
  8. ↑ "South Sudan pound to be launched next week". BBC News. 11 July 2011. Retrieved 11 July 2011.
  9. ↑ South Sudan Pound to be released by Monday - Government of South Sudan official website. Published 12 July 2011. Retrieved 13 July 2011.
  10. ↑ South Sudan issued new pound notes 18 July 2011, BanknoteNews.com. Retrieved on 5 September 2011.
  11. ↑ Linzmayer, Owen (2012). "South Sudan". The Banknote Book. San Francisco, California: Banknote News.
  12. ↑ World’s Newest Country Issues Circulation Coins on National Independence Day Coin Update (news.coinupdate.com). 10 July 2015. Retrieved on 13 July 2015.
  13. ↑ South Sudan new 20-pound note (B111) confirmed BanknoteNews.com. 22 April 2016. Retrieved on 22 April 2016.
  14. ↑ South Sudan new 500-pound note (B116) reported Banknote News (banknotenews.com). 15 June 2018. Retrieved on 16 June 2018.
  15. 1 2 3 Ofori-Atta, Prince (7 April 2016). "South Sudan introduces new bank notes | East & Horn Africa". www.theafricareport.com. Retrieved 31 October 2016.
  16. 1 2 "2 Pounds 2016, South Sudan | Catalog | CoinBrothers". coin-brothers.com. Retrieved 31 October 2016.
  17. ↑ "S. Sudan bank governor denies introducing new bank note". Sudan Tribune. 26 November 2016. Retrieved 27 November 2016.
  18. ↑ Viola Elias; Nabeel Biajo (11 September 2020). "South Sudan, Sudan Address Economic Crises". VOA Africa. Retrieved 22 April 2023.
  19. ↑ "South Sudan Central bank introduces 1000 pound banknote as inflation soars". PAN AFRICAN VISIONS. 10 February 2021. Retrieved 9 October 2021.
  20. ↑ "South Sudan unveils new currency; the 1000 pound note". GhanaWeb. 10 February 2021. Retrieved 9 October 2021.
  21. ↑ "South Sudan government to introduce coins on Independence Day". Sudan Tribune. 8 July 2015. Retrieved 4 August 2015.
  22. ↑ "World's Newest Country Issues Circulation Coins on National Independence Day | Coin Update". news.coinupdate.com. Retrieved 31 October 2016.
  23. ↑ The Economist Intelligence Unit EIU, 21 December 2015 https://country.eiu.com/article.aspx?articleid=1443788928&Country=Sudan&topic=Economy&subtopic=For_9
  24. ↑ "CLIMIS | Dashboard". climis-southsudan.org. Retrieved 12 May 2024.
Current SSP exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.