[Repost from Juba Monitor]
By Morris Dogga | Jun 11, 2018 | Cover Story |
The Central Bank of South Sudan has announced the introduction of a 500 South Sudanese pounds banknote.
In an announcement read over the state owned radio-South Sudan Broadcasting Corporation (SSBC) on Friday the central bank said the 500SSP note would soon be introduced into circulation.
According to the announcement on SSBC, the measure is meant to help reduce the amount of currency people carry.
The highest-denominated currency features the image of John Garang de Mabior, the deceased leader of the Sudan people’s Liberation Movement (SPLM).
Last month, President Salva Kiir relieved the then Governor Othom Rago Ajak and replaced him with Dier Tong Ngor.
The country is currently facing a high inflation rate. Prices of commodities started soaring rapidly in 2015 when the government abandoned the fixed exchange rate and moved to a floating rate where foreign currency exchange rate was determined by the forces of demand and supply.
The inflation rate in the country was recorded at 161.20 percent in March of 2018. Inflation Rate in average was 88.90 percent from 2008 until 2018, reaching an all-time high of 835.70 percent in October of 2016 and a record low of -14 percent in November of 2013.