webmaster
© Copyright DEHAI-Eritrea OnLine, 1993-2011
All rights reserved
From: Biniam Tekle (biniamt@dehai.org)
Date: Wed Jul 27 2011 - 08:45:14 EDT
http://www.sudantribune.com/South-Sudan-limits-currency,39652
Wednesday 27 July 2011
South Sudan limits currency conversion period to 45 days
July 26, 2011 (JUBA) – The Central Bank of South Sudan (CBSS) on Tuesday
announced a new policy limiting conversion from Sudanese Pounds to new South
Sudan Pounds after independence to one and a half months.
The 45 days will run from July 9 through 1 September 2011. South Sudan
introduced its new currency just nine days after becoming independent on
July 9.
The deputy head of the former branch of the Central Bank of Sudan, now South
Sudan’s national bank, said the launching of the new currency by the north
necessitated the change of schedule in duration allowed for collection of
the old currency from the public.
"The change of schedule has been necessitated by the launch of a new
currency by the North; therefore, central bank of South Sudan is asking all
the people to comply with the new schedule," reads part of the statement
obtained by the *Sudan Tribune* on Tuesday.
The Central Bank of South Sudan (CBSS) statement cautioned that any old
currencies which will not have been exchanged by the end of the period will
be rendered valueless.
The statement advised the general public to go to the nearest designated
centers and exchange their currency. All commercial banks are exchange
centers.
"The CBSS has asked them to allocate specific counters for this exercise.
Any persons or companies with more than SDG 50,000 in cash have been advised
to open bank accounts and deposit the money there. All funds held in bank
accounts will be exchanged automatically", adds part of the statement while
explaining further that all banks have been advised to report any suspicious
deposits and fund movements which may signal money laundering and other
crimes to the CBSS.
The banks have also been asked to report cases of counterfeit notes.
The statement signed by Mr. Kornelio Koriom Mayik who chairs the South Sudan
Currency Conversion Committee, says that commercial banks have been directed
not to make any payments in SDG henceforth.
The currency conversion exercise had crippled the services of Automatic
Teller Machines (ATMs) in the country. This was largely due to the
introduction of new denominations which required reprogramming of ATM
systems. Similarly, the change in the size of the currency – the SSP is
smaller than the SDG – also caused a major challenge. The issues have now
been addressed and the ATM services have resumed normally.
(ST)
----[This List to be used for Eritrea Related News Only]----