IN THE NAME OF ALLAH,

THE MOST GRACIOUS, THE MOST MERCIFUL 

OFFICIAL ANNOUNCEMENT

THE CENTRAL BANK OF SUDAN

INTRODUCTION OF THE NEW NATIONAL

CURRENCY AND  WITHDRAWAL  OF THE

OLD CURRENCY 

In implementation of the Comprehensive Peace Agreement (CPA) and pursuant to the provisions of Section (19) of the Central Bank of Sudan Act, (Amendment 2006 AD) and the Presidential Resolution No. (275) for the year 2006 AD, the Central Bank of Sudan issues the following announcement :-

FIRST:

The unit of the new currency is the Sudanese pound.

 SECOND:

The Sudanese banknotes are composed of six denominations.  Each denomination expresses a specific content as follows :-

1.   One pound denomination               Expresses peace vision.

2.   Two pounds denomination             Expresses  civilization background of Sudan.

3.   Five pounds denomination             Expresses future prospects.

4.   Ten pounds denomination             Expresses unity in diversity.

5.   Twenty pounds denomination        Expresses industrial progress.

6.    Fifty pounds denomination           Expresses the diversed Natural resources of the country.

THIRD:

The pound is divided into one hundred equal units, each of which is called a piaster.  There are five coin denominations representing the components of the pound as follows:-

1.            One piaster denomination.

2.            Five piasters denomination.

3.            Ten piasters denomination.

4.            Twenty piasters denomination.

5.            Fifty piasters denomination.

FOURTH:

One Sudanese pound equals one hundred Sudanese dinars (i.e. one thousand old Sudanese pounds);  one piaster equals one Sudanese dinar (i.e. ten old Sudanese pounds).

 FIFTH:

The basic features of the banknotes :-

 a)      The dominant and characteristic colour of the banknote denominations :-

          1.      One pound denomination                  Brown.

         2.      Two pounds denomination                  Light blue.

         3.      Five pounds denomination                  Pink.

         4.      Ten pounds denomination                  Violet.

         5.      Twenty pounds denomination             Dark red.

         6.      Fifty pounds denomination                 Yellow.

b)      Dimensions of the banknote denomination :-

         1.      One pound denomination                   139 mm x 64 mm.

         2.      Two pounds denomination                 144 mm x 64 mm.

         3.      Five pounds denomination                 150 mm x 69 mm.

         4.      Ten pounds denomination                  155 mm x 69 mm.

         5.      Twenty pounds denomination             160 mm x 75 mm.

         6.      Fifty pounds denomination                 165 mm x 74 mm.

c)      Security features, tangible and visible by nacked eye for the banknote denominations :-

 1.            Water marks [Falcon (Sagr-el-Jedian) in denominations of fifty, twenty and ten pounds and pigeon in five, two and one pound denominations].

 2.            Denomination in number under the water mark.

 3.            Intaglio printing (it can be felt by the touch of the tip of the fingers).

 4.            Windowed security thread.

 5.            See-through register.

 6.            Holographic stripe in denominations of fifty, twenty and ten pounds.

 7.            Iridescent stripe.

 8.            Latent image.

SIX:

The basic features of coin denominations :-

*       All the coin denominations are serrated at their edges.

SEVENTH:

Introduction and circulation of the new currency :-

 1.            The pound will be introduced on 10/01/2007 AD in Northern and Southern Sudan simultaneously in three banknote denominations, namely:  One pound, Ten pounds and Fifty pounds.  This will be followed by the introduction of the remaining three banknote and coin denominations during the dual circulation period.

 2.            The pound will be circulated side by side with the dinar as two legal tenders for a period that will start from 10/01/2007 AD and ends on 30/06/2007 AD, after which the dinar will cease to circulate as a legal tender and the Sudanese pound, starting 01/07/2007 AD, will be the sole legal tender in the Sudan.

 3.            All banks, citizens, businessmen in the private sector and all the government enterprises and departments must deal in the pound and the dinar with all their banknote and coin denominations during the dual circulation period which shall terminate on 30/06/2007 AD, whether for payment of obligations, receipts of claims, and deposit in or with-drawal from accounts.

 4.            The pound will be introduced with all its banknote and coin denominations in a gradual manner through the banking system.  This will be introduced via cash with-drawals which are effected by banks from their accounts held with the branches of the Central Bank of Sudan.  In turn, the banks should effect all their daily cash payments in the pound with all the banknote and coin denominations to the public as part of the normal cash withdrawals undertaken by the public at the counter in the branches of the different banks.

5.            Banks are permitted during the period of the dual circulation of the pound and the dinar to execute cash payments to the public whether in pound, dinar or both currencies in the single transaction.  This shall be carried out as determined by the concerned bank and according to the availability of the pound and dinar denominations with it.

 6.            The dinar will be gradually withdrawn from circulation via the cash deposits which are carried out by the banks and the other entities with the Central Bank of Sudan.

 7.            The outstanding commitments in dinar, whether for individuals, companies, partnership, business names, enterprises, organizations or government departments, are legally binding and may be honoured whether in dinar or pound during the dual circulation period.  These obligat-ions should automatically be considered as denominated in pound on 01/07/2007 AD i.e. as if they were divided by one hundred and shall be used for settlement before or after 01/07/2007 AD in pound only.

 8.            All entities should observe that their issued cheques which fall due for payment up to 30/06/2007 AD be in dinar only and it is not permitted to issue cheques in pounds which will fall due during this period.

 9.            Banks shall contact their clients and work towards retrieving the magnetic ink character recognition cheque books issued in dinar with their clients and replacing them by magnetic ink character recognition cheque books in Sudanese pounds.  This shall be carried out in a reasonable time which shall take into consideration that the accounting entries shall be passed in pound with effect from 01/07/2007 AD.  All bank clients are required to cooperate in this matter with the managements of their banks.

 10.        With respect to the deferred cheques which mature after 30/06/2007 AD, the Central Bank of Sudan shall form a technical committee from the competent entities including the banks and the private sector to study the modality of their treatment and to submit their recommendations to the Central Bank of Sudan to issue the necessary regulations and procedures in this regard.

 11.        Due to the existence of currencies of neighbouring African countries together with the old Sudanese pound which the Comprehensive Peace Agreement (CPA) permitted their temporary circulation in the Southern Sudan, it has been decided to establish currency replacement centres in the Southern Sudan during the months of January and February to enable the citizens to exchange these African currencies and the old Sudanese pound.  The Central Bank of Sudan and the Bank of Southern Sudan (BOSS) shall determine the end of the replacement period subsequently.  Upon determination of the end of the exchange period for these currencies, they become illegal tenders.  They may be possessed as foreign currency only and may be used in transactions in foreign exchange bureaus and the banks according to the regulations organizing this matter.

 12.        As the Sudanese pound will be introduced gradually through the banks and as the Sudanese dinar will similarly be withdrawn gradually through the banks during the dual circulation period of the pound and the dinar, all the public, companies, enterprises and government departments are required to observe that their holding of the dinar currency will be automatically exchanged and as such there is no need to approach the banks for their replacement.  Notwithstanding this and as there are no branches of banks in some regions or that some individuals are not accustomed to deal with banks, it has been decided by the Central Bank of Sudan to set up currency replacement centres in all parts of Sudan to exchange the remaining dinars with the public during the last month of the dual circulation period i.e. during the period from 01/06/2007 AD to 30/06/2007 AD.

 13.        The National Committee for the replacement of currency in the Sudan, the Southern Sudan Committee for the replacement of the currency and the other committees shall undertake the implementation and follow up of the process of introducing the new currency and withdrawal of the old currency in coordination with the concerned government organs in accordance with the competence of each committee as cited in the Order of its constitution.

Issued under my signature on the 8^th of the month of January, 2007 AD corresponding to the 19^th of the month of Thelhija, 1427 AH.

                                      Dr. Sabir Mohamed Hassan,

                                        Governor,

                                      Central Bank of Sudan