Economics

What is the Currency of Sudan?

The official currency of Sudan is the Sudanese pound.

The Sudanese pound is the official currency in Sudan, also known in the money markets as the “SD.” The country introduced the new Sudanese pound in 2011 after the secession of South Sudan. The Sudanese pound is made up of 100 subunits known as piastre or qirsh. The Central Bank of Sudan is the institution mandated to regulate the inflation and circulation of the Sudanese pound. However, Sudan has had different type of currency throughout its history including the Egyptian pound, the Sudanese dinar, and the Sudanese pound.

History

The Egyptian Pound

The Egyptian pound was the first official currency in Sudan, which was introduced in the country while under the Anglo-Egyptian rule. The Egyptian pound was divided into 100 subunits known as qirush. The qirush was further subdivided into 40 paras. After the decimalization of the Egyptian pound in 1886, the para was abandoned and replaced by the millims which was exchanged for one qirush to 10 millims.

The Sudanese Pound (First Issue)

The Sudanese pound was the first official currency used in independent Sudan after gaining independence from the Anglo-Egyptian rule in 1956. The new Sudanese pound was anchored to the US dollar between 1958 and 1978 where 1 Sudanese pound was equivalent to US $2.87156. In the late 20th century, the currency went through a series of devaluations.

The Sudanese Dinar

In 1992, Sudan replaced the Sudanese pound with a new currency known as the Sudanese dinar at a rate of 1 Sudanese dinar to 10 Sudanese pounds. The Sudanese dinar, which was also identified through the code SDD, was issued in coinage as well as banknotes. The banknotes were in different denominations, the largest of which being the 10,000-dinar banknote and the smallest being the 100-dinar banknote. Smaller denominations of the banknotes (50-, 25-, 10-, and 5-dinar banknotes) were originally issued but were later withdrawn by the Central Bank of Sudan. The coinage denomination ranged between the 50-dinar coin and the 1-dinar coin. The Central Bank of Sudan also issued coinage of smaller denominations including the half-dinar and quarter-dinar coins, but these were rarely used.The Sudanese dinar was recognized as Sudan’s official currency between 1992 and 2007, but during this period the southern part of the country was agitating for secession from the north and still recognized the Sudanese Pound as the official currency.

The Sudanese Pound (Second Issue)

After the warring factions in Sudan reached an understanding during the Comprehensive Peace Agreement, the Central Bank of Sudan was directed to issue a new currency, the Sudanese pound, to be used in the country. The Sudanese pound was therefore introduced in 2007 and replaced the Sudanese dinar at a rate of 1 Sudanese pound to 100 Sudanese dinar. The second issue of the Sudanese pound was the country’s official currency from 2007 until 2011 when South Sudan became an independent country.

The Sudanese Pound (Third Issue)

After the succession of South Sudan from The Sudan in 2011, a third Sudanese pound was issued. It has remained the official currency of Sudan to this day.

Coinage and Banknotes

The Central Bank of Sudan issues the Sudanese pound in the form of coinage as well as banknotes. The banknotes are issued in 2-, 5-, 10-, 20-, and 50-pound denominations, while the coinage ranges between the 1-pound coin and the 1-piastre coin. The banknotes have different pictures on their obverses and reverses, and these are usually items found in the country such as livestock, trees, and pottery.

More in Economics