South Sudan to introduce bigger banknote amid rising inflation
June 11, 2018
The Central Bank of South Sudan said on Monday it would introduce higher banknote of 500 South Sudanese pounds (SSP) amid rising inflation in the conflict-torn East African nation.
The bank said the new bank note that features the image of the country’s revolutionary leader, John Garang, will be introduced soon.
“The Bank of South Sudan would like to inform the general public that it is introducing a new banknote of 500 South Sudanese pounds as legal tender in the Republic of South Sudan,’ reads the public notice published on local newspapers.
South Sudan depends on oil revenue for 98 per cent of its budget, but production decreased significantly due to civil war that erupted in December 2013, causing most oilfields in the country’s oil-rich northern region to shut down.
This led to fall in production to less than 130,000 barrels per day (bpd) from 350,000 bpd in 2011.
The East African nation is currently struggling with hyperinflation amid shortage of foreign reserves to support imports.
The local currency is currently trading at 139 SSP for one dollar at the official bank rate and 320 SSP for one dollar in the black market.
