Here is the complete financial historical report of South Sudan, in International English, as requested:

Financial Historical Report of South Sudan

Basic Data

Currency History

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

• It was approved by the Southern Sudan Legislative Assembly prior to independence on 9 July 2011.

• The currency 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.

• Initial coins were issued on 9 July 2015 (Independence Day) in denominations of 10, 20, and 50 piasters. Bimetallic coins of SSP 1 and SSP 2 were introduced in 2016.

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

• Initial banknotes included SSP 1, 5, 10, 25, 50, 100, and 500. New banknotes for SSP 0.05, 0.10, and 0.25 were issued in October 2011.

• In 2016, the SSP 20 banknote replaced the SSP 25 note. In 2018, the SSP 500 banknote was introduced to ease cash transactions amid inflation.

• A SSP 1,000 banknote was issued in February 2021 to combat rising inflation and economic crisis.

• Coins and banknotes are produced by the South African Mint.

Currency Details

Design and Symbolism

• Banknotes prominently feature John Garang de Mabior on the obverse side.

• Reverse sides depict South Sudanese wildlife and national symbols such as the Nile River, giraffes, elephants, and ostriches.

• Coins feature the Coat of Arms of South Sudan and images such as oil rigs, shoebill storks, northern white rhinos, Nubian giraffes, and African shields.

Economic and Monetary Context

• The SSP replaced the Sudanese pound following South Sudan’s independence in 2011.

• The currency has experienced rapid depreciation and inflation, with exchange rates falling from approximately SSP 2.75 per US dollar at introduction to over SSP 2,000 per US dollar in recent years.

• Inflation and currency instability have led to the issuance of higher denomination banknotes and coin redesigns.

• The Bank of South Sudan continues to manage monetary policy amid ongoing economic challenges.

Status and Circulation

• The South Sudanese pound is the sole legal tender in South Sudan.

• Coins and banknotes are actively circulated, with ongoing updates to currency design and security features.

• Currency production is handled by the South African Mint.