National Currency for Sudan

High St Bank Exchange Rate

The governor Mohammed Khair Al-Zubair of the announced that the soon to secede South will be given six months to replace its currency from the date it becomes officially a new state on July 9 2011. Mohammed Khair Al-Zubair is the highest financial authority in the country crafted policies and procedures for the replacement of the national currency in South Sudan.

It is estimated that 10% of the foreign exchange currency supply is in the South and Mohamed Khair Al-Zubair has been working with Government of Southern Sudan (GoSS), Al-Zubair to get the agreement in place.

Following a referendum that was held in January, the people of Sudan voted almost unanimously in favor of separating from the North, a right given to them by the 2005 Comprehensive Peace Agreement (CPA).

Under the CPA the Sudanese Dinar was scrapped in favour of the Sudan Pound, a demand of South Sudan in the negotiations.

South Sudan has issued contradictory statements on whether they want to retain the pound after secession or create their own currency. Many economists said that the new state will not be able to support a new currency and would be better off maintaining its monetary unity with the North for at least a year.

The former governor of Sudan’s Central Bank Sabir Mohamed Al-Hassan in an interview earlier this year appeared critical saying that South Sudan refused to heed to advice by experts and consultants to form a monetary unity with the North.

Another option that was discussed in the South is to use the US dollar.

Observers say the oil-rich South is eager to break all forms of dependency on the North.

With Sudan having a united currency this strengthens their economy as it produces more than 500,000 barrels per day of oil, but only 100,000-110,000 bpd are from wells in the north. The economy is dependent on oil for some 45 percent of its budget and most of its foreign currency revenues. This falls in with proposals that are being explored to build a pipeline that would pump oil produced in South Sudan through a Kenyan port instead of using Port Sudan in the North which would strengthen their economy even further.

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National Currency for Sudan

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