Dr Othow and De La Rue CEO shake hands after signing a currency management deal, as Finance Minister Kuol Daniel Ayulo looks on. Photo: Ministry of Finance and Planning.

The Bank of South Sudan has signed a new partnership agreement with British banknote manufacturer De La Rue to strengthen currency management and provide technical support across the currency lifecycle.

The memorandum of understanding was signed by Bank of South Sudan Governor Dr Addis Ababa Othow and De La Rue Chief Executive Officer Clive Vacher following a meeting convened by Finance and Planning Minister Kuol Daniel Ayulo yesterday.

According to a statement from the central bank, the agreement will provide technical support in currency planning and forecasting, quality management and currency circulation to boost public confidence in the South Sudanese Pound.

The bank says the partnership will also help build sustainable currency management capacity and modernize its currency management framework in line with international standards and best practices.

It is also expected to strengthen the security, resilience and integrity of the country’s monetary and fiscal system.

De La Rue has designed and manufactured South Sudanese Pounds since 2011. According to reports, the company was awarded a contract to produce 2.8 billion banknotes in 2011.

The agreement comes as South Sudan continues to face a cash shortage, while the South Sudanese Pound has continued to depreciate against major and regional currencies.