South Sudan speeds up introduction of new currency

August 3, 2011 17:43


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JUBA - South Sudan said on Wednesday it would speed up the introduction of its new currency, highlighting differences with its former civil war foe in tackling the economic fallout of the southern independence last month.

Last month, South Sudan began circulating its new pound after breaking away from the north under a 2005 peace deal, pegging it one-to-one with Sudan's existing pound . North Sudan also started launching its own new money.

Analysts say it is crucial for both countries to coordinate to avoid turmoil but so far no deal has been reached with the south over what to do with old pounds circulating there worth more than $700 million, according to the south.

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