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 -11.8
 Source2022 [3]

The South Sudanese pound (ISO code and abbreviation: SSP [4] ) 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. [5]

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. [6] 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. [7] [8]

Banknotes

The banknotes feature the image of John Garang de Mabior, the late leader of South Sudan's independence movement. [9]

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. [10] [11]

Three new banknotes for SSP 0.05, SSP 0.10, and SSP 0.25 were issued 19 October 2011. [12]

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. [13]

In 2016, the Bank of South Sudan issued a SSP 20 banknote to replace the SSP 25 note. [14] In 2018, the Bank of South Sudan introduced a SSP 500 banknote to ease daily cash transactions following years of inflation. [15]

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. [16] [17] The SSP 10, SSP 20 and SSP 100 notes were all redesigned. [16]

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. [18]

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. [19] [20] The maroon banknote features a familiar design of John Garang on the obverse, and an image of two ostriches on the reverse. [21]

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). [22] As of 2016, South Sudan's coins are being struck at the South African Mint. [17]

Bimetallic coins in denominations of SSP 1 and SSP 2 were put into circulation during 2016. [16]

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: [23]

Exchange rates

At the time of introduction of the South Sudanese pound in 2011, the exchange rate was SSP 2.75 for US$1. [24] As of 28 March 2024, the commercially available exchange rate was SSP 1596.76 for US$1, and the parallel exchange rate was SSP 2200 for US$1. [25]

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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. ↑ Neufeld, Dorothy (16 February 2023). "Which Countries Have the Lowest Inflation?". elements.visualcapitalist.com. Archived from the original on 10 April 2023. Retrieved 5 July 2023.
  4. ↑ "Introduction of SSP1000 banknotes into circulation - Bank of South Sudan". boss.gov.ss. 9 February 2021.
  5. ↑ SSLA endorses national anthem and coat of arms. 26 May 2011 Archived 31 July 2011 at the Wayback Machine
  6. ↑ "South Sudan Pound released July 18". Archived from the original on 25 January 2012.
  7. ↑ "South Sudan to change currency to improve economy - government spokesman". Reuters. 10 October 2020. Retrieved 10 October 2020.
  8. ↑ "South Sudan plans to change national currency to shore up economy - Xinhua | English.news.cn". www.xinhuanet.com. Retrieved 10 October 2020.
  9. ↑ "South Sudan pound to be launched next week". BBC News. 11 July 2011. Retrieved 11 July 2011.
  10. ↑ South Sudan Pound to be released by Monday - Government of South Sudan official website. Published 12 July 2011. Retrieved 13 July 2011.
  11. ↑ South Sudan issued new pound notes 18 July 2011, BanknoteNews.com. Retrieved on 5 September 2011.
  12. ↑ Linzmayer, Owen (2012). "South Sudan". The Banknote Book. San Francisco, California: Banknote News.
  13. ↑ World’s Newest Country Issues Circulation Coins on National Independence Day Coin Update (news.coinupdate.com). 10 July 2015. Retrieved on 13 July 2015.
  14. ↑ South Sudan new 20-pound note (B111) confirmed BanknoteNews.com. 22 April 2016. Retrieved on 22 April 2016.
  15. ↑ South Sudan new 500-pound note (B116) reported Banknote News (banknotenews.com). 15 June 2018. Retrieved on 16 June 2018.
  16. 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.
  17. 1 2 "2 Pounds 2016, South Sudan | Catalog | CoinBrothers". coin-brothers.com. Retrieved 31 October 2016.
  18. ↑ "S. Sudan bank governor denies introducing new bank note". Sudan Tribune. 26 November 2016. Retrieved 27 November 2016.
  19. ↑ Viola Elias; Nabeel Biajo (11 September 2020). "South Sudan, Sudan Address Economic Crises". VOA Africa. Retrieved 22 April 2023.
  20. ↑ "South Sudan Central bank introduces 1000 pound banknote as inflation soars". PAN AFRICAN VISIONS. 10 February 2021. Retrieved 9 October 2021.
  21. ↑ "South Sudan unveils new currency; the 1000 pound note". GhanaWeb. 10 February 2021. Retrieved 9 October 2021.
  22. ↑ "South Sudan government to introduce coins on Independence Day". Sudan Tribune. 8 July 2015. Retrieved 4 August 2015.
  23. ↑ "World's Newest Country Issues Circulation Coins on National Independence Day | Coin Update". news.coinupdate.com. Retrieved 31 October 2016.
  24. ↑ The Economist Intelligence Unit EIU, 21 December 2015 https://country.eiu.com/article.aspx?articleid=1443788928&Country=Sudan&topic=Economy&subtopic=For_9
  25. ↑ "CLIMIS | Dashboard". climis-southsudan.org. Retrieved 29 March 2024.
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