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South-Sudan-to-Release-New-500-pound-Banknotes

South Sudan to Release New 500-pound Banknotes

12 Jun 2018  Tue

South Sudan is soon going to release higher denomination banknotes in the form of 500-pound bills worth $1.5 U.S. dollars to combat rising inflation. The largest denomination note currently in circulation is a 100-pound bill. Due to the increasing inflation, citizens have to carry large number of bills for small transactions as well. Officials stated that the higher denomination banknote will be introduced for resolving this issue.

A peace deal was signed by South Sudan and Sudan in 2015. However, the soldiers continued to fight, leading to a major economic crisis. The country’s crude oil output has reduced to less than half of its pre-war level. South Sudan pound has lost more than half its value against the dollar since December 2016 in the black market. Inflation reached 161.20 percent in March. For the last 10 years, inflation was at an average of 89 percent. The number shot up to 835.70 percent in October 2016.

South Sudan became an independent nation in 2011. A civil war broke out in December 2013 due to differences between President Salva Kiir and his former deputy Riek Machar. The conflict continues even today, which has taken a toll on the country’s economy.

Image Courtesy: Wikimedia commons