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.

Police launch manhunt for man who dumps 100 SSP into public toilet

100 South Sudanese Pound Banknote |Photo: File

Sept 19, 2020 (Thessherald)–Juba Police have launched a big manhunt after an unidentified individual dumped 100 SSP banknotes into a public toilet in the nation’s capital, Juba.

“Investigations are underway to identify the suspect, this is a serious criminal behaviour that will not be condoned at any cost,” said a police officer who requested anonymity as he wasn’t authorized to speak to the media.

It is not clear what prompted the man to misuse the national currency. Analysts believe that the ongoing economic hardships may have frustrated the man.

“Who knows, this act may be an indication that the country’s banknotes have become as worthless as toilet paper,” the analyst noted.

Anonymous source

The Transitional Constitution of the Republic of South Sudan, as amended in 2011, criminalizes all criminal practices or acts that contravene public morals.

In recent days, President Kiir has fired his long-term ally, former Finance Minister Salvatore Garang Mabiordit, in high hopes of averting an economic recession in the country.

The dismissal of the finance minister sparked mixed reactions from the public.