Sudanese Pound is the official national currency of the South Sudanese Republic

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The Newest Currency of the World – The Sudanese Pound

The South Sudanese government, which is one of the newest nations in the world, uses the South Sudanese pound. Both the English and Arabic names of the various denominations are printed on the nation’s coins and banknotes. This currency is the official national currency of the South Sudanese Republic, and it has 100 sub-divisions, which are made of units known as Piasters. The currency was officially accepted by the South Sudanese Legislative Assembly after the secession of the Southern Sudan state in July 2011 from the larger Sudan. The currency took over from the South Sudan currency on 2011 and replaced the old currency at par.

The first pound in circulation in the Southern Sudan Republic was known as the Egyptian pound. Abdullah Ibn Muhammad and Muhammad Ibn Abdulla, who were rebels from the 19th Century, gave out the currency’s coins, which worked in circulation along the Egyptian pound. But after the end of the Anglo-Egyptian reign in Sudan in 1956, Sudan gained its independence and a unique Sudanese pound was founded, which replaced the Egyptian currency at par. The Egyptian pound was sub-divided into units of 100 Qirush in Arabic or Piastre in English. The dinar later replaced the pound in the early 1990s. The dinar was highly circulated in the Northern parts of Sudan, but in the southern parts places such as Yei and Rumbek used both the dinar and the Kenyan shilling.

The Sudanese pound is currently valued at 1 pound for 1.85 Rand. The current exchange rate of the Sudanese pound to the US dollar, which is one of the commonest denominators stands at 1 Sudanese pound to 0.15 US dollars.

The South Sudanese banknotes have the image of the deceased founder of the South Sudanese nation known as John Garang. There are six types of banknote denominations in units of 100, 50, 25, 10, 5, and 1 pound in form of usable notes, while there are 50, 25, 10, 5, and 1 piaster denominations, which will be issued later. Late this year, the governor of the South Sudan bank dismissed arguments that new notes in denominations of 1000, 500, and 200 pounds were in printing. Earlier in 2005, there were reports that the South Sudanese nation was printing new notes with the title “Bank of New Sudan.” However, there is no such bank and the reports were easily dismissed.

There are 1, 5, 10, 20, and 50 Qirush coin denominations, which were introduced to work along the earlier introduced dinar coins. The coins are silver and bronze colored, while some are bimetallic. The coins of the nations are currently minted a South African mint. The South Sudan currency was repetitively revalued in the post-colonial period, and a recent evaluation took place in 2011 during the independence period of the oil-rich Southern Sudan.

The Sudanese Economy
The Sudanese economy has been on a steady growth rate. However, the boom has been affected by occasional civil conflicts, which have reduced the inflow of FDI and export of oil. The nation heavily relies on petroleum product exports for its revenue and the current low rate of oil in the market and civil conflict in the nation have led to slow economic growth.

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