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Sudan to launch new currency in July

Saturday, July 16, 2011

Laaska News  July 16,2011
KHARTOUM, July 16 (Xinhua) — The Central Bank of Sudan on Saturday announced that it would launch a new currency this month to avoid risks of the issue of the currency of the newly born Republic of South Sudan.

“The bank tends to launch a new currency for the Republic of Sudan during this month. The replacement of the old currency will take two to three months,” said Mohamed Khair Al-Zubair, Governor of the Bank of Sudan, at a press conference.

The bank printed the new currency to avoid the risks that may result from the issue of a new currency in the newly born South Sudan,” he added.

He further said that the new currency would gradually replace the old currency during this month, adding that the process would begin at Sudan’s remote areas.

He said the bank was ready to negotiate with the government of South Sudan to reach an agreement that guarantees restoration of the old currency currently circulated in South Sudan.

The Republic of South Sudan has recently announced that it would launch its new currency next Monday, a move criticized by the Sudanese Minister of Finance Ali Mahmoud who was quoted by Khartoum dailies last week as saying that “there was an agreement to continue working with the Sudanese pound for six months.”

The Republic of South Sudan was officially declared independent on Saturday, July 9, according to the results of a referendum on self-determination for southern Sudan, stipulated by the Comprehensive Peace Agreement (CPA), inked between north and south Sudan in 2005.



Laaska News.