Traders in Yei state decry shortage of coins
March 01, 2016 (YEI) – Traders in South Sudan’ Yei state claim last year’s move by the Central Bank to introduce coins into the market has had no impact on the economy.
He urged the Central Bank to supply more coins into the markets.
“The traders were happy when launching [of the coins] took place, but unfortunately, we realised that the coins disappeared and no longer in circulation as one of the thing that I have witnessed as member of the chamber of commerce,” Taban said Tuesday.
The new coins, he said, were only in circulation for only about one and half months.
“And up to the mid of December, the coins disappeared within the market areas. We are urging the central bank to continue bringing more coins because there are durable and can be used for small commodities like needles and razorblades to our local indigenous within”, he added.
The Central Bank’s director for currency, Apollo Angamomo blamed commercial banks for allegedly failing to supply the coins to the public.
“In fact the coins are available in Yei, Wau and other parts of South Sudan. But the problem is that the commercial banks and individuals are rejecting it because of their value. The weakness is with our people in the branches because they did not deliver and pay it out, which is the case here. But in terms of this currency, it is legal”, he said.
Last year, the Central Bank introduced coins to stabilise market prices and ease transaction, but market prices on goods have remained high in Yei.
Taban said despite the introduction of coins, markets in Yei still perform poorly.
“Since the coin money was introduced into the market, prices of goods and services still remain very high. What I want to tell our Central Bank is that let there be consistency in the supply chain and also there should be monitoring and evaluation undertaken by the government to assess whether the coins is holding any value in the market or not”, he explained.
However, in his reaction to the tax reduction policy recently introduced by the trade, commerce and industry ministry, Taban complained that traders in the area continue to pay taxes at the numerous tax collection points.
Emmanuel Malish, a businessman in Yei state, blamed the government for not putting up sustainable policies towards improving the business sector.
“How do you introduce a system of producing money into circulation without a sustainable supply? I also need to complain to the government for not hearing our concerns especially on multiple taxes and lack of protection to the local business community”, he told Sudan Tribune.
A commercial bank manager, who preferred anonymity, however, claimed the country’s Central Bank had not supplied the coins and could not to supply the public.
(ST).