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SSP 500 notes finally in circulation

By Kitab A Unango

The new 500 South Sudanese Pounds banknote the central bank announced recently is already in the market.

Early this month the Central Bank announced that it would introduce SSP 500 new banknotes to help reduce the amount of currency people carry.

The move economists warned would cause inflation and encourage hording as many people would prefer to keep money at home instead of keeping them in the bank.

Many people have confirmed that the promised legal tender note had already reached hands of citizens.

An official of one of the commercial banks who did not want to be named confirmed to Juba Monitor that civil servants were going to receive the new banknotes in the next salary.

“The new 500 South Sudanese Pounds banknote is already in circulation and I am optimistic the new note will be included in the next civil servant’s salaries,” the banker said.

However, one of the people who saw the new money on the market said it was good to have such a big note to save money.

“I like it because it helps save money and it is easy to carry millions on the pocket,” the woman who preferred anonymity said.

Another person stated that he did not like it because it would amount to a great loss if one is robbed.

“How can the government produce such big notes? Yes, it will be easy for someone to carry as much as he or she can, but it will be a great loss if one loses it,” he said.

He added that he was quite sure the government was going to also introduce 1,000 note if the SSP keeps loosing value.

“I am sure this will only take one or two months for them to produce new 1,000 notes,” he stated.

The introduction of the new banknote has added to the existing South Sudanese pounds in circulation that include SSP 5, 10, 20, 25, 50 and 100.

 

 

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