Home | News    Thursday 15 October 2020

Proposal to change currency not yet agreed upon, says Kiir

October 13, 2020 (JUBA) – South Sudan’s President Salva Kiir said the proposal to change the country’s current currency is a long-term proposal, which has not yet been passed by the council of ministers.

President Salva Kiir addresses the extraordinary meeting of the council of ministers in Juba, Oct, 13, 2020 (courtesy photo)

Speaking during an extraordinary meeting of the council of ministers on held on Wednesday, Kiir said the proposal is to be subjected to a study before a decision is made as part of efforts to control hyperinflation.

According to a statement from the office of the president, Kiir questioned the council of ministers on why the announcement of a currency change was made to the public last Friday yet it was not part of the agenda and resolutions of the previous cabinet meeting.

He stressed that it was a proposed idea, which is yet to be studied by economists.

Meanwhile, Kiir said the government is in the final process of acquiring a loan that will be injected in the market to stabilize the currency rates.

During the meeting, the council of ministers agreed to divert and inject oil money into the market to help stabilization of the economy.

South Sudan, which imports basic commodities and food from neighbouring countries, has suffered an acute shortage of hard currency following the reduction of crude oil production and the sharp collapse of oil price.