South Sudan to release newest African currency

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The newest African currency, the South Sudanese pound, could be set for release as early as next week according to officials within the country.

South Sudan, located in East Africa, was officially unveiled as the world’s newest country last week.

Inaugural Finance Minister David Deng Athorbie is keen to get the currency in circulation as quickly as possible as the country still revels in its recently recognised status.

The South Sudan pound will feature the image of the late John Garang, a widely revered figure throughout the nation.

The 2005 peace deal which Garang secured with Khartoum eventually went a long way to achieving the independence that many within the country craved.

Athorbei expressed his frustration that they were not able to install the currency earlier.

Commenting on their initial desire to pay salaries for June and July, Athorbei stated “The difficulty is related to the fact that the Khartoum Government did not deliver us the physical cash.”

The country’s independence was achieved at a significant cost though. After decades of conflict with the North, approximately 1.5 million people were killed.

Timber looks set to continue as the main source of export from South Sudan to the international market.

In addition though, the country also contains several potentially valuable natural resources such as petroleum, iron ore, copper, zinc, silver and gold.

Agricultural produce, which the country is set to remain heavily reliant on for the emerging economy, includes cotton, wheat, sugar cane and papaya.

Transferring money to Sudan

If you are looking to invest in South Sudan, think carefully about how you will be transferring money to Sudan. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Sudan – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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South Sudan to release newest African currency

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