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Monday, July 18, 2011

New Currency in the World : South Sudan Pound


South Sudan -- the world's newest country -- debuted its new currency Monday, the South Sudanese Pound.

The new currency will replace the Sudanese Pound, which itself is getting a modification. Plane-loads of cash arrived in the capital of Juba last week, and the new bills are now entering into circulation.

The bills come in denominations of one, five, 10, 25, 50 and 100-pound notes. The currency is being printed by the British company De La Ru.

The monetary transition will take about three months to complete. The exchange rate to the Sudan Pound has been set at one-to-one. The dollar-to-pound exchange rate is slightly under three-to-one.

Not to be out-done, Sudan's President Omar al-Bashir said Sudan will introduce a new currency as well this month, part of an economic austerity plan.

"The package of the economic measures includes issuing a new currency in the coming days," Bashir said.

The new South Sudanese currency features the image of the late Dr. John Garang, the rebel leader who led South Sudan in the civil war that tore apart greater Sudan for decades. Garang served as the unofficial president of South Sudan from January to July 2005. He died in a helicopter crash on July 30, 2005.



South Sudan's Map :

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