Sudan Central Bank announces issuance of new banknotes

Port Sudan, Sudan (PANA) - The Central Bank of Sudan on Saturday  announced the issuance of new 1,000- and 500-pound banknotes in the coming period.

The Central Bank said in a statement that this comes within the framework of the bank’s responsibilities to protect the national currency, achieve stability in its exchange rate, achieve economic stability, and address the negative effects of the ongoing war.

The Bank said that the war, the unprecedented looting and breaking of banks, private safes, the headquarters of the Central Bank and the Sudan Currency Printing Company in Khartoum, were reasons behind the action.

The central bank said that the market had become inundated with huge amounts of 1,000- and 500-pound denominations of unknown origin that do not conform to technical specifications of the banknotes.

This has led to an increase in the level of cash liquidity thereby having a negative impact on the stability of prices. 

The press release said the 1,000- and 500-pound banknotes will be gradually withdrawn from circulation and replaced by the new printouts.

The date of ending the use of the current denominations of the 1,000- and 500-pound notes will be made public at a later date after which they will be considered no longer valid.

Commercial banks will continue receiving the 1,000- and 500-pound banknotes from citizens and supplying them.

Commercial banks shall facilitate the process of opening accounts for people who do not have bank accounts to enable them to deposit the banknotes and also benefit from banking services.

-0- PANA MO/MA 10Nov2024