Sudan President Bashir 311 R.
(photo credit: REUTERS)
KHARTOUM - Sudanese President Omar Hassan al-Bashir said on Tuesday
austerity measures would be presented to parliament to compensate for
the loss of oil revenues after the south's secession and a new currency
would be issued.
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"We have placed an emergency program for the next three years," Bashir
told parliament, adding that an "austerity measures package" had been
started and a revised budget with no new taxes or duties would be
presented to the assembly.
"The package of the economic measures includes issuing a new currency in the coming days," he said.
Newly independent South Sudan will take up to three months to replace north Sudan pounds circulating in its economy with its new currency, southern Central Bank governor Elijah Malok told Reuters.
Malok said the oil-producing nation, which seceded from the north on Saturday, would keep its currency pegged with a one-to-one value to the north Sudan pound for the immediate future.
Asked when the south might remove the peg and take more control over its
economic destiny, Malok answered: "It will be in the context of the
economic movement. It will depend on our resources, particularly the
Asked how long it would take to replace up to 2 billion north Sudanese
pounds in circulation in the south, he answered "between one month to
South Sudanese overwhelmingly voted to declare independence from the
north in a January referendum - the climax of a 2005 peace deal that
ended decades of civil war.