Sudanese Currency Phase-Out
U.S. Embassy Khartoum reports
the following:
Starting January 9, Sudan started phasing in its new national
currency, the pound, as a major step in implementing the North-South
Comprehensive Peace Agreement and in promoting national unity. The
exchange value is one pound per 100 dinars (the previous
currency). The new pound is subdivided into 100 piasters. The
currency will be phased in from January through June 2007, with the
dinar no longer a valid currency as of September 1, 2007.
The
phase-in focuses on Southern Sudan, and starts with one, five,
and ten-pound notes. Other denominations and coinage will follow.
The replacement process will focus initially on Southern Sudan
because of the multiple currencies in use there - the U.S. dollar,
Ethiopian birr, Kenyan shilling, Ugandan shilling, Sudanese dinar,
and old Sudanese pound. Replacing these currencies is expected to
facilitate economic expansion in Sudan's growing post-war South. An
extensive public information campaign is underway, especially
throughout the South, to introduce the new currency and encourage
currency substitution for the new pound.
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The Central Bank of Sudan announced simultaneous circulation of the
new and old currencies to ensure smooth replacement without
congestion or crowding during the replacement period, which is
expected to take six or seven months. During the first 90 days, 23
substitution centers will operate in southern states for African
currencies and the old Sudanese pound. From June 1, 2007 through
June 30, 2007, dinar substitution centers will operate in all states
in both the North and South as well as at banks. These substitution
centers will close on June 30, 2007, with substitution thereafter
through July 31, 2007, permitted only through the Central Bank, its
branches, and commercial branches. From August 1-31, 2007,
substitution will be limited to the Central Bank and its branches.
On September 1 the dinar will be null and void, with no substitution
permitted.
Travelers in Sudan should be aware of the correct currencies
circulating through Sudan during their period of travel, and should
be aware of the cut-off dates for last available exchange into the
new currency. Although none have started yet in Sudan, a common
scam in countries with newly-converted currencies is to offer
extremely good rates of exchange to foreigners who may be unaware of
that currency's removal from circulation.
For Information
on How to Protect Yourself, Your Family, Your
Employees, and Your Trips Abroad,
Contact our Risk Managers today.
info@internationalriskmanagement.com
877-211-3654 or 559-294-0316
Click Here
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