Converting from Bermuda Dollar (BMD) to South Sudanese Pound (SSP)

What is Bermuda Dollar (BMD)

The Bermuda Dollar (BMD) is the official currency of Bermuda, a British overseas territory located in the North Atlantic Ocean. The BMD was introduced in 1970 and is pegged to the US Dollar (USD) at par, meaning that ＄1 BMD equals ＄1 USD. The currency symbol for the Bermuda Dollar is ＄ or sometimes BMD＄ to avoid confusion with other dollar-denominated currencies.

The BMD is widely used in tourism, commerce, and local transactions on the island. Banknotes are available in denominations of ＄2, ＄5, ＄10, ＄20, ＄50 and ＄100, while coins come in denominations of 1, 5, 10, 25 cents, as well as ＄1 coins. The central bank of Bermuda is responsible for issuing and regulating the currency, ensuring its stability and availability throughout the island.

Since Bermuda is a popular tourist destination, many businesses also accept the US Dollar. However, for everyday transactions, using the Bermuda Dollar is advisable and often preferred.

What is South Sudanese Pound (SSP)

The South Sudanese Pound (SSP) is the official currency of South Sudan, which became the world's newest country when it gained independence from Sudan in July 2011. The SSP replaced the Sudanese Pound (SDG) at a fixed rate when it was introduced, thereby developing a separate monetary identity for South Sudan.

The currency symbol for the South Sudanese Pound is £ or SSP. The SSP has gone through significant challenges, including depreciation in value due to inflation and ongoing economic issues in South Sudan. As of 2023, the essential goal of the government is to stabilize the currency and restore confidence among the public and businesses, which is crucial for economic growth.

Banknotes are issued in denominations of 1, 5, 10, 20, 50, 100, 500, and 1,000 pounds. However, due to the economic situation, notes of lower denominations are commonly used in daily transactions. Many businesses are cautious in their currency dealings and may even prefer USD due to its stability compared to the SSP.

Currency Conversion Guide

To convert Bermuda Dollars to South Sudanese Pounds, individuals must keep an eye on the exchange rates, as these can fluctuate significantly based on various economic factors. The conversion rate often becomes a point of interest for travelers and businesses engaging in trade across borders.

For example, if the exchange rate is ＄1 BMD = 500 SSP, then converting ＄100 BMD would yield:

100 BMD × 500 SSP/BMD = 50,000 SSP

Before making any conversions, it is essential to check for the latest exchange rates from a reliable financial institution to ensure an accurate and fair transaction.