We complied with all the necessary legal protocols in the introduction of SSP 1,000 note. This was the response by Deputy Minister for Finance and Economic Planning Agok Makor Kur when The City Review asked whether the Central Bank and the ministry considered all the legal protocols in introduction of the banknote.

“Yes, there are consultations and discussions that took place between the ministry and the Central Bank, and the approval of the project by the Council of Ministers before the launch of the new note,” he said.

On Tuesday February 9, Central Bank of South Sudan Dier Tong Ngor launched a new SSP 1000 note describing it as the key to redeeming the value of the local currency against the dollar.

‘‘This new higher value denomination will only partially will only restore the dollar value of the SSP 10 in 2011, but high enough to reduce the deadweight loss and high transaction cost in making high value purchases in cash-based economy like South Sudan,’’ he argued.

This, he said, was also in conformity with the international standard requirement which mandates central banks to review the notes in five to 10 years.

But questions arose whether the initiative complied with the Bank of South Sudan Act, 2011, which stipulates: ‘‘The bank in consultation with the minister [Finance] and approval of the Council of Ministers shall determine the denomination, measures, form, material, content, weights, designs and other features of banknotes and coins.’’

Overdue plan

Kur said the initiative to introduce the new currency has been a long-running plan that was mooted during the formation of the government.

“The idea of ​​issuing the 1000-pound note, it is an old idea before even the formation of the transitional government and before the signing of the revitalized peace agreement”.

As of now, the Central Bank is planning to roll out the sensitisation drive to inform the public about the security features of the banknote. The institution is also expected to come public and declare the number of notes in circulation.