August 22, 2020 (Thessherald)–Despite widespread poverty in the country, South Sudanese leaders continue to enrich themselves as millions live under distressing conditions, says a civil society activist on condition of anonymity, fearing reprisal.
“They are eating life with a big spoon, without thinking about the suffering population in the country,” the activist said on Saturday.
The comment comes a day after the Central Bank of South Sudan was criticized after an announcement that the entire country was facing a shortage of foreign currency reserves.
“This is an indication that we have failed as a nation. Announcing to the whole world that the country is running out of foreign currency is not just a laughing matter, but a complete shame for the country.”
On Friday, The Governor of the Bank of South Sudan strongly dismissed initial speculative reports that the bank had run out of hard currency, a statement that sparked public outcry.
The importance of foreign exchange reserves
Foreign currency reserves act as a shock absorber against factors that can lead to devaluation of the national currency.
It helps a country maintain the value of its currency at fixed rates.