News July 24, 2011 at 12:00 am

South Sudan: New Country, New Currency

Isabel Herrera July 24, 2011 at 12:00 am

July 24, 2011 at 12:00 am | News

Immediately after the independence of South Sudan, the caretaker government wasted no time in developing a new currency that went into circulation this week.

David Deng Athorbei, the country’s finance minister, revealed that the new currency will replace the Sudanese pound with the South Sudan pound. This currency will be embellished with the image of the late revolutionary leader, Dr. John Galang and cultural wealth of the country. Furthermore, the exchange value of the South Sudan pound will have a one-to-one value with the Sudan pound.

"From the 18th onward, depending on the distribution process, that money will be out and people will go on receiving their salaries and doing any other business as usual," said finance minister, David Deng Athorbei.

The caretaker government, a group of ministers of the previous semi-autonomous Southern Sudanese Government was sworn into cabinet in temporary positions at an informal ceremony. For the moment, they are to represent the South Sudanese people until the declaration of an official government.

The World Bank gives its input, warning that it will take decades for South Sudan to become a fully functioning country, while also suggesting that the government diversify its economical boundaries.

"We’ve found that countries that went through this post-conflict transition took about 20 years to have ministries that function more or less okay," says Ian Bannon, the World Bank’s country director.

Aside from this imminent course of action, Aluong said that the government is also in the process of attaining country representative passports. Stay tuned for more details on this development.

 

Source: Associated Press
Photos via Google Images

 

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