We are not introducing new notes, says Alic

The governor of the Bank of South Sudan, Dr. James Alic, denied claims that the bank is mulling the introduction of new banknotes with denominations of SSP 5000 and SSP 10,000.

Alic told the media at a press briefing in Juba on Friday at the bank’s premises that such reports are fake and should be considered as such.

“I want to make it clear today that we have not issued, discussed, or initiated any changes to the currency. What you are seeing there is fake news. Keep it like that as fake,” he said.

This is after media reports emerged claiming that the Bank of South Sudan had planned “to introduce new banknotes to combat inflation and ease the burden of carrying cash.”   

“In a bid to tackle rising inflation and alleviate the burden of carrying large amounts of cash, the Bank of South Sudan has announced plans to introduce new banknote denominations of SSP 5000, SSP 10,000, and SSP 50,000,” the media report claimed.

It further alleged that “the move is expected to reduce the weight of carrying large sums of money in bags, making it easier for individuals to conduct daily transactions.” 

It also claimed that experts have given their thoughts that having larger denominations in circulation can “benefit a struggling economy by reducing transaction costs, promoting financial inclusions, and improving efficiency in the financial systems.”

The report further claimed that the new minister of finance and planning, Eng Awow Daniel, had given the move a clean bill of health.