1 / 24

Sudan Consortium Paris, 9-10 March, 2006 Sudan: Unified New National Currency

1- Why the introduction of the new national currency? * A new unified currency represents an important symbol of national unity. * The design will carry important messages necessary for peace and unity. * Donors pledge to contribute in financing the new currency beside the government.

omer
Download Presentation

Sudan Consortium Paris, 9-10 March, 2006 Sudan: Unified New National Currency

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

    1. Sudan Consortium Paris, 9-10 March, 2006 Sudan: Unified New National Currency

    2. 1- Why the introduction of the new national currency? * A new unified currency represents an important symbol of national unity. * The design will carry important messages necessary for peace and unity. * Donors pledge to contribute in financing the new currency beside the government. * It is a joint project between southern and northern Sudan.

    3. 2 - Article 14-9 of the Wealth Sharing Agreement: Provided for the introduction of a new currency during the interim period. The design of the currency should reflect the diversity of the country. Recognized the foreign currencies in southern Sudan beside the old Sudanese pound as legal tender until the introduction of the new currency.

    4. 3- Article 5 of the Implementation Modalities of the Wealth Sharing Agreement of the CPA stated that: committees are to be formed for (i) the currency design and (ii) assessment of currencies in the south; the source of finance is mainly donors; the responsibility of CBOS is the issuance of the new currency by finance from donors and the government.

    5. 4- Currency system in the southern Sudan * Multiple currencies co-circulating - Kenyan Shilling zone – mainly south east; - Ugandan Shilling zone – mainly south west; - Ethiopian Birr zone – east; - Pre-1992 Sudanese Pound zone; - Sudanese Dinar zone; - U.S. dollar in all of the south. * Currency zones sometimes overlap.

    6. 5- Effects of the Multiple Currency System in southern Sudan: * Now in Sudan, there are six currencies recognized as legal tender. * In the South, prices in the same town and village markets sometimes expressed in more than one currency as a medium of exchange.

More Related