Financial Historical Report of South Sudan

Basic Data

Currency History

• The South Sudanese pound (ISO code SSP) is the official currency of the Republic of South Sudan. It is subdivided into 100 piasters.

• The currency was approved by the Southern Sudan Legislative Assembly before secession from Sudan on 9 July 2011.

• It was introduced on 18 July 2011, replacing the Sudanese pound at par. The Sudanese pound ceased to be legal tender in South Sudan on 1 September 2011.

• At introduction, the exchange rate was approximately SSP 2.75 per US dollar. By August 2024, the commercial exchange rate had depreciated to about SSP 2290.94 per US dollar, with parallel market rates even higher.

• Due to rapid depreciation and inflation, South Sudan announced plans to change its currency in October 2020.

Coins

• The first coins were issued on 9 July 2015 (South Sudanese Independence Day) in denominations of 10, 20, and 50 piasters (SSP 0.10, 0.20, 0.50).

• Bimetallic coins of SSP 1 and SSP 2 were introduced in 2016.

• Coins feature the Coat of Arms of South Sudan with the country name “REPUBLIC OF SOUTH SUDAN” and the year of issue.

• Materials and designs include:

  • SSP 0.10: Copper-plated steel with an oil rig design.

  • SSP 0.20: Brass-plated steel with a shoebill stork.

  • SSP 0.50: Nickel-plated steel with a northern white rhino.

  • SSP 1: Bronze-plated steel centre with nickel-plated steel ring, featuring a Nubian giraffe.

  • SSP 2: Nickel-plated steel centre with bronze-plated steel ring, featuring an African shield.

• Coins are minted by the South African Mint.

Banknotes

• Banknotes feature the image of John Garang de Mabior, late leader of South Sudan’s independence movement, on the obverse.

• Initial denominations included SSP 1, 5, 10, 25, 50, 100, and 500.

• New banknotes for SSP 0.05, 0.10, and 0.25 were introduced in October 2011.

• A SSP 20 banknote replaced the SSP 25 note in 2016.

• In 2018, a SSP 500 banknote was introduced to ease cash transactions amid inflation.

• Redesigned banknotes include SSP 10, 20, and 100.

• A SSP 1 coin replaced the SSP 1 banknote; a SSP 2 coin was also introduced.

• In February 2021, a SSP 1,000 banknote was issued to combat rising inflation and economic crisis. This maroon note features John Garang on the front and two ostriches on the back.

Exchange Rates and Economic Context

• The South Sudanese pound has experienced rapid depreciation since its introduction, reflecting ongoing economic challenges and inflation.

• Exchange rates have varied widely, with official and parallel market rates showing significant differences.

• Inflation and currency instability have prompted currency redesigns and the introduction of higher denomination banknotes.

Summary

• South Sudan introduced its own currency, the South Sudanese pound (SSP), shortly after independence in 2011, replacing the Sudanese pound at par.

• The currency is subdivided into 100 piasters and includes coins and banknotes in various denominations.

• Banknotes honor John Garang de Mabior, a key figure in South Sudan’s independence.

• The currency has faced severe depreciation and inflation, leading to ongoing reforms and new currency issues.

• Coins are produced by the South African Mint, and the Bank of South Sudan is responsible for issuing and regulating the currency.

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