Public Management

South Sudan: Govt mulls over abandoning local currency

South Sudan: Govt mulls over abandoning local currency
Monday, 12 October 2020 15:54

The South Sudanese government is considering abandoning the local currency, the South Sudanese Pound, to better cope with the current economic crisis and the depreciation of the currency. The information was reported on October 9 by Michael Makuei Lueth, the minister of information and broadcasting.

The coronavirus pandemic has led to a drastic drop in oil prices, therefore dropping the country’s revenues. Also, currently, $1 is SSP510 on the black market, while the official rate is SSP167 for a dollar.

Authorities said this situation is due to an increasing trend of hoarding observed among the population. "Most citizens hold money at home, fearing that their money will be confiscated when they deposit it in the bank. The government has therefore decided to change the currency,” said Minister Lueth.

This decision comes in a particular context for the southern Sudanese economy, shattered by several years of civil war, which the government of President Salva Kiir has been trying to reform for several months. In mid-September, Salvatore Garang Mabiordit Wol, the former Minister of Finance, was dismissed and replaced by Athian Diing.

"The current currency will be changed and if at some point it is no longer in use, the one you have will be just a piece of paper," warned Minister Lueth, urging the population to "hurry to the bank to avoid queuing up when the time comes to change the currency."

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Côte d’Ivoire will receive $234 million for a sustainable urban mobility project in Abidjan. Gambia will receive $32.2 million to build...
Stanbic IBTC and Zenith Bank cut monthly card spending abroad to $500 and $200 Foreign reserves fall by $3.5 billion in six...
Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 million in transactions by end-2025. The fintech...
• Kenya and ASR sign deal to reduce risk on projects worth up to $2 billion.• Risk cover will target infrastructure, energy, logistics, and trade...
Most Read
01

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
02

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
05

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.