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South Sudanese pound

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South Sudanese pound
South Sudanese SSP 1 note
ISO 4217
CodeSSP (numeric: 728)
Subunit0.01
Denominations
Subunit
 1⁄100Piaster
BanknotesSSP 1, SSP 5, SSP 10, SSP 20, SSP 25, SSP 50, SSP 100, SSP 500, and SSP 1,000
CoinsSSP 0.10, SSP 0.20, SSP 0.50, SSP 1, and SSP 2 [1]
Demographics
User(s) South Sudan
Issuance
Central bankBank of South Sudan[2]
Valuation
Inflation40.2%
 SourceIMF (2023)
 MethodCPI

The South Sudanese pound (ISO code and abbreviation: SSP[3]) is the currency of the Republic of South Sudan. It is subdivided into 100 piasters. It was approved by the Southern Sudan Legislative Assembly before secession on 9 July 2011 from Sudan.[4]

Banner in Juba announcing the conversion from the Sudanese pound (SDG) to the new currency the South Sudanese pound (SSP)

It was introduced on 18 July 2011, and replaced the Sudanese pound at par.[5] On 1 September 2011, the Sudanese pound ceased to be legal tender in South Sudan.

On October 8, 2020, due to rapid depreciation of the South Sudanese pound's exchange rate with the United States dollar, South Sudan announced that it would soon change its currency.[6][7]

Banknotes

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The banknotes feature the image of John Garang de Mabior, the late leader of South Sudan's independence movement.[8]

Six different denominations (SSP 1, SSP 5, SSP 10, SSP 25, SSP 50, SSP 100 and SSP 500) in the form of banknotes have been confirmed, and five denominations (SSP 0.01, SSP 0.05, SSP 0.10, SSP 0.25 and SSP 0.50) will be issued in the form of coins.[9][10]

Three new banknotes for SSP 0.05, SSP 0.10, and SSP 0.25 were issued 19 October 2011.[11]

The first circulation coins of the South Sudanese pound in denominations of SSP 0.10, SSP 0.20, and SSP 0.50 were issued 9 July 2015, on occasion of the fourth anniversary of independence from Sudan.[12]

In 2016, the Bank of South Sudan issued a SSP 20 banknote to replace the SSP 25 note.[13] In 2018, the Bank of South Sudan introduced a SSP 500 banknote to ease daily cash transactions following years of inflation.[14]

As part of a currency redesign to reduce confusion, a SSP 1 coin was released to replace the SSP 1 banknote, and a coin for SSP 2 has also been released.[15][16] The SSP 10, SSP 20 and SSP 100 notes were all redesigned.[15]

In November 2016, the Governor of the Bank of South Sudan issued a statement dismissing as false reports claiming that the bank was printing new notes in denominations of SSP 200, SSP 500 and SSP 1,000.[17]

In February 2021, the Bank of South Sudan issued a SSP 1,000 banknote as part of an effort to combat rising inflation and economic crisis.[18][19] The maroon banknote features a familiar design of John Garang on the obverse, and an image of two ostriches on the reverse.[20]

Banknotes of the South Sudanese pound
Images Value Obverse Reverse Watermark
[1] SSP 0.05 Dr. John Garang de Mabior Ostrich The Flag of South Sudan in repeated rows and Dr. John Garang de Mabior on the right front of the note
[2] SSP 0.10 Kudu
[3] SSP 0.25 River Nile
[4] SSP 1 Giraffes Dr. John Garang de Mabior and an electrotype 1
[5] SSP 5 Sanga cattle Dr. John Garang de Mabior and an electrotype 5
[6] SSP 10 Buffaloes; pineapple Dr. John Garang de Mabior and an electrotype 10
[7] SSP 20 Oryx antelopes; oil derrick Dr. John Garang de Mabior and an electrotype 20
[8] SSP 50 Elephants Dr. John Garang de Mabior and an electrotype 50
[9] SSP 100 Lion; waterfall Dr. John Garang de Mabior and an electrotype 100
[10] SSP 500 River Nile Dr. John Garang de Mabior and an electrotype 500
[11] SSP 1,000 Ostriches Dr. John Garang de Mabior and an electrotype 1000

Coins

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Coins in denominations of SSP 0.10, SSP 0.20, and SSP 0.50 were put into circulation on 9 July 2015 (South Sudanese Independence Day).[21] As of 2016, South Sudan's coins are being struck at the South African Mint.[16]

Bimetallic coins in denominations of SSP 1 and SSP 2 were put into circulation during 2016.[15]

The Coat of arms of South Sudan with the country name 'REPUBLIC OF SOUTH SUDAN' and the date will appear on the obverses. The various coins will include the following:[22]

  • SSP 0.10 - Copper-plated Steel - Oil rig.
  • SSP 0.20 - Brass-plated Steel - Shoebill stork.
  • SSP 0.50 - Nickel-plated Steel - Northern white rhino.
  • SSP 1 - Bronze-plated Steel centre / Nickel-plated Steel ring - Nubian giraffe.
  • SSP 2 - Nickel-plated Steel centre / Bronze-plated Steel ring - African Shield.

Exchange rates

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At the time of introduction of the South Sudanese pound in 2011, the exchange rate was SSP 2.75 for US$1.[23] As of 20 August 2024, the commercially available exchange rate was SSP 2290.94 for US$1, and the parallel exchange rate was SSP 4850 for US$1.[24]

References

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  1. ^ Quartz Africa 8 July 2015 Four Years in, the world's newest country, South Sudan, introduces its first coins https://qz.com/africa/447398/four-years-in-the-worlds-newest-country-south-sudan-introduces-its-first-coins/
  2. ^ Adaku Samuel. "South Sudan To Issue New Currency On July 9". Juba Post. Archived from the original on 17 July 2011. Retrieved 10 July 2011.
  3. ^ "Introduction of SSP1000 banknotes into circulation - Bank of South Sudan". boss.gov.ss. 9 February 2021.
  4. ^ SSLA endorses national anthem and coat of arms. 26 May 2011 Archived 31 July 2011 at the Wayback Machine
  5. ^ "South Sudan Pound released July 18". Archived from the original on 25 January 2012.
  6. ^ "South Sudan to change currency to improve economy - government spokesman". Reuters. 10 October 2020. Retrieved 10 October 2020.
  7. ^ "South Sudan plans to change national currency to shore up economy - Xinhua | English.news.cn". www.xinhuanet.com. Retrieved 10 October 2020.
  8. ^ "South Sudan pound to be launched next week". BBC News. 11 July 2011. Retrieved 11 July 2011.
  9. ^ South Sudan Pound to be released by Monday - Government of South Sudan official website. Published 12 July 2011. Retrieved 13 July 2011.
  10. ^ South Sudan issued new pound notes 18 July 2011, BanknoteNews.com. Retrieved on 5 September 2011.
  11. ^ Linzmayer, Owen (2012). "South Sudan". The Banknote Book. San Francisco, California: Banknote News.
  12. ^ World’s Newest Country Issues Circulation Coins on National Independence Day Coin Update (news.coinupdate.com). 10 July 2015. Retrieved on 13 July 2015.
  13. ^ South Sudan new 20-pound note (B111) confirmed BanknoteNews.com. 22 April 2016. Retrieved on 22 April 2016.
  14. ^ South Sudan new 500-pound note (B116) reported Banknote News (banknotenews.com). 15 June 2018. Retrieved on 16 June 2018.
  15. ^ a b c Ofori-Atta, Prince (7 April 2016). "South Sudan introduces new bank notes | East & Horn Africa". www.theafricareport.com. Retrieved 31 October 2016.
  16. ^ a b "2 Pounds 2016, South Sudan | Catalog | CoinBrothers". coin-brothers.com. Retrieved 31 October 2016.
  17. ^ "S. Sudan bank governor denies introducing new bank note". Sudan Tribune. 26 November 2016. Retrieved 27 November 2016.
  18. ^ Viola Elias; Nabeel Biajo (11 September 2020). "South Sudan, Sudan Address Economic Crises". VOA Africa. Retrieved 22 April 2023.
  19. ^ "South Sudan Central bank introduces 1000 pound banknote as inflation soars". PAN AFRICAN VISIONS. 10 February 2021. Retrieved 9 October 2021.
  20. ^ "South Sudan unveils new currency; the 1000 pound note". GhanaWeb. 10 February 2021. Retrieved 9 October 2021.
  21. ^ "South Sudan government to introduce coins on Independence Day". Sudan Tribune. 8 July 2015. Retrieved 4 August 2015.
  22. ^ "World's Newest Country Issues Circulation Coins on National Independence Day | Coin Update". news.coinupdate.com. Retrieved 31 October 2016.
  23. ^ The Economist Intelligence Unit EIU, 21 December 2015 https://country.eiu.com/article.aspx?articleid=1443788928&Country=Sudan&topic=Economy&subtopic=For_9
  24. ^ "CLIMIS | Dashboard". climis-southsudan.org. Retrieved 21 August 2024.
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Current SSP exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
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