Sudan Economy


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Economy
The economy of South Sudan is one of the worlds weakest and most underdeveloped with South Sudan having little existing infrastructure and the highest maternal mortality and female illiteracy rates in the world as of 2011. South Sudan exports timber to the international market. The region also contains many natural resources such as petroleum, iron ore, copper, chromium ore, zinc, tungsten, mica, silver, gold, and hydropower. The country's economy, as in many other developing countries, is heavily dependent on agriculture with Loka Teaks the largest teak plantation in Africa.

Currencies
The unit of currency is the Sudanese Pound. The US dollar is traditionally the hard currency of preference. Hard currency cash can be changed for local currency at banks and private bureau de change in all large towns.

BANKS and FOREX IN SOUTH SUDAN-: There are several banks and forex bureaus for doing Business and money transfers from Kenya commercial Bank, Nile Bank, Equity Bank from Kenya. Need to send money, business transaction, Forex bureaus; Money transfers get reliable banking and Money handling.
 Oil
The oilfields in the South have kept the region's economy alive since 1999. However, after South Sudan became an independent nation in July 2011, southern and northern negotiators were not immediately able to reach an agreement on how to split the revenue from these southern oilfields. It is estimated that around 80% of the untapped oil deposit in Sudan is in South Sudan. The oil revenues according to the Comprehensive Peace Agreement (CPA), were split equally for the duration of the agreement period. Since South Sudan relies on pipelines, refineries, and Port Sudan's facilities in Red Sea state in Sudan, the agreement stated that the government of Sudan in Khartoum would receive 50% share of all oil revenues. This arrangement was maintained during the second period of autonomy from 2005 to 2011. A similar arrangement is likely to continue during the independence era of South Sudan, with northern negotiators reportedly pressing for a deal maintaining the 50–50 split of oil revenues and the South Sudanese holding out for more favorable terms. Oil revenues constitute more than 98% of the government of South Sudan's budget according to the southern government's Ministry of Finance and Economic Planning and this has amounted to more than $8 billion in revenue since the signing of the peace agreement.