South Sudan to change its currency to avert economic collapse
Oct 9, 2020 (Thessherald)–The South Sudanese government is planning to change its national currency in a bid to avert an economic depression and hyperinflation in the country.
The announcement was made on Friday during the regular cabinet meeting in the capital, Juba.
“The cabinet has decided that the currency should be changed so that anybody who does not take his money to the bank is left out and they will lose their money,” the government spokesperson, Michael Makuei, told the journalists on Friday.
“So this is an advice to those who are hoarding South Sudanese money in their houses to hurry [and take] them to the banks. Put them into the banks so that you don’t lose them. Put them into the banks as of now so that you avoid queuing up when the time comes for changing the currency.”
South Sudan continues to face an economic crisis due to financial mismanagement and a lack of transparency in the financial institutions responsible for managing the economy.
In August, President Kiir issued a presidential order, setting up a Crisis Management Committee tasked with addressing the country’s ongoing economic challenges.