The government of South Sudan has revealed a plan to change the currency, saying it is the only option left to mitigate soaring inflation.
The council of ministers directed the economic crisis committee and the central bank to come up with a plan of changing the currency and present it to the council of ministers next week for approval.
The government spokesperson said the decision was reached after the cabinets deliberate on the matter.
The minister of information Michael Makuei Lueth briefed the media in Juba on Friday, saying they came to the conclusion that people are keeping money in the houses.
He said the move is a strategy to force those keeping money in their houses to take them to the bank.
“The cabinet has decided that the currency should be changed so that anybody who doesn’t take their money to the bank will be left out and will lose that money,” Makuei said.
The government said it had mandated the committee to do all appropriate ways possible and develop one clear policy on the economy.
“Most of the citizens are keeping the money in their houses for so many reasons. Some fear if they take their money to the bank, they may be confiscated. However, this is a typical situation that has been happening, and there is always a solution,” Makuei said.
The government stated that the idea aims to improve economic challenges. It’s not clear what type of currency South Sudan wants to introduce.
And how this will be possible with current flooding that cutoff road accessibility and COVID-19 restrictions to reaches all Country.
President Kiir formed the economic crisis management committee in August this year after the central bank said it had run out of foreign exchange reserves.
Kiir appointed vice President Dr. James Wani Igga to head the crisis management committee.