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The Central Bank of Sudan Launches New Banknotes to Tackle The Counterfeit Crisis
The Central Bank of Sudan (CBOS) has officially introduced new banknotes, marking a decisive step in combating counterfeit currency and stabilising the national economy.
The replacement of old Sudanese pounds with new ones will take place over two weeks, initially in six states, as announced by the Higher Committee for Currency Changing on Sunday.
This is what the timeline looks like
The rollout will begin in the Red Sea, Kassala, Al-Gadarif, River Nile, Northern States, and the Blue Nile region. Citizens have been asked to deposit old 1,000 and 500 SDG notes into their bank accounts ahead of the exchange.
The CBOS emphasised that the new 1,000 SDG notes, introduced on November 9th, feature advanced security measures to prevent counterfeiting.
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The Minister of Information, Khalid Al-Aisir, stressed that the decision to change the banknotes is a measure to protect the national economy, reduce criminal activity, and restore financial stability across the country
Why is this happening now?
The move to introduce new banknotes comes as a direct response to the widespread circulation of counterfeit currency, a consequence of the looting of the Central Bank of Sudan and the Sudan Currency Printing Company in Khartoum.
This has led to the dissemination of large quantities of counterfeit banknotes that fail to meet technical specifications, severely disrupting economic activities.
A recent video of RSF militiamen showing off looted cash.
It’s very necessary for Sudan’s Central Bank to implement measures for currency control. pic.twitter.com/CjuODEUvqz
— Yusuf (@TurtleYusuf) December 6, 2024
The Central Bank of Sudan is also encouraging citizens to go digital
To complement the transition to new banknotes, the CBOS is taking steps to encourage the adoption of electronic payments. The Bank will issue binding orders to all public and private institutions to accept electronic payments as an alternative to cash transactions.
This initiative is expected to reduce reliance on physical cash, enhance transparency, and modernise the country’s payment infrastructure.
This will have to be a national effort!
The introduction of new banknotes and the promotion of electronic payments are critical measures aimed at addressing Sudan’s financial challenges.
By implementing this comprehensive approach, Sudan aims to combat criminal dealings, stabilise the economy, and strengthen its financial system amid ongoing conflict.
The next two weeks will be pivotal as Sudan embarks on this bold initiative to reclaim financial stability and protect its economy from further harm.
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Stay tuned on our WhatsApp channel for more updates out of Sudan!
