South Sudan issues new banknote amid high inflation

South Sudan’s central bank on Tuesday introduced a banknote of 1,000 South Sudanese pounds (SSP), the largest denomination in the country, amidst high inflation.

The local currency continues to depreciate against foreign currencies, but Bank of South Sudan governor, Dier Tong Ngor, said the new banknote “will partially restore the dollar value of SSP”.

He said the new banknote will not increase inflation, but it will reduce the cost of printing lower denominations.

Mr Ngor, said the introduction of the new banknote is in line with international best practices to ensure that demand for banknotes is aligned with economic activities.

The country has banknotes for denominations of five pounds, 10 pounds, 20 pounds, 100 pounds and 500 pounds.