The newly launched SSP 1,000 note will rejuvenate the strength of the local currency against the dollar, Central Bank Governor Dier Tong Ngor has said.

Speaking during the launch of the note on Tuesday, February 9, Ngor averred that the introduction of the new banknote could inspire the SPP to glory days of 2011- just before the country entered into turmoil.

 ‘‘This new higher value denomination will only partially 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,’’ the governor further argued.

He cautioned that the move should not be interpreted to mean that the country has shelved the drive for digital and mobile money transfers. As a matter of fact, Ngor said cash remains the ‘king’ mode of transaction but e-payment platforms will be encouraged as well to remove barriers of inconvenience.

He said the decision was in line with the international standards of currency management which requires institutions like the Central Bank to revise their denominations from time to time.

‘‘International best practices require central banks to review their currency regimes at intervals of five to ten years to ensure that demand for banknotes is well aligned with economic activity, address weaknesses and challenges associated with managing notes and coins in circulation..’’ he stated.

Civic education

The governor revealed that the South Sudanese Central Bank would soon roll out a civic education drive targeting the public to ensure that they are well conversant with security features of newly launched SSP 1,000 note.

 ‘‘I urge all of us, particularly the media to enlighten our people about the SSP 1,000 banknote features to facilitate the detection of fake currency.

The need to properly handle our banknotes properly is still of importance and we must strive to keep them clean at all times in line with the Bank’s Clean Note policy,’’ the governor stated. He promised to engage the media by sharing crucial features of the new banknote so that they can inform the public.

The unprecedented introduction of one more currency note caught many South Sudanese unaware. But the Central Bank said the decision was mooted in 2019 after the country had successfully introduced the SSP 500.