Wednesday, August 17, 2011

Sudan Central Banking Developments: Currencies and Governors

Since the break-up of Sudan into two separate countries (North Sudan, and South Sudan), there have been a series of developments in central banking in the two countries as the process of building new nations gets underway.  The developments include the formation of a new central bank, the issuing of new currencies, and staffing changes.  The key facts in the timeline of post-secession Sudanese central banking are summarised below:
  • 2005 Comprehensive Peace Agreement paves way for independence vote that passed in January this year.
  • 7 March 2011 - Mohamed Kheir al-Zubeir (former state finance minister) appointed Governor of Bank of Sudan following the resignation of Sabir Mohamed al-Hassan, who had been bank Governor since 1998.
  • 9 July 2011 - Republic of South Sudan declares independence, Bank of South Sudan transitions from branch of Bank of Sudan to become South Sudan's central bank.
  • 18 July 2011 - South Sudanese Pound introduced by the Bank of South Sudan, replacing the Sudanese pound at par.
  • 24 July 2011 - (North) Sudan's Bank of Sudan relaunches the Sudanese Pound.
  • 16 August 2011 - South Sudan President, Salva Kiir Mayardit sacks Central Bank of South Sudan Governor, Elijah Malok, replacing him with Deputy Governor, Cornelio Koryom Mayik.  Kiir also appoints John Door Majok and Jamal Abdalla Wani as deputies of the new bank Governor.


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