Government of South Sudan to change its currency to mitigate the inflation

Breaking News (SS24News)

Friday October 9, 2020

The South Sudan council of ministers in it’s weekly meeting resolved to change the country’s currency, According to the government official spokesman Micheal Makuei, the decision was reached after a lengthy deliberation to print another bank notes to replace the current ones in order to control the flow of the money and also to mitigate the depreciation of the local currency against the US dollar

The minster said, the decision was part of economic reform as local South Sudan currency (SSP ) is depreciating against hard currency, he accused some

He further warned the people who are keeping the money in their houses to remit and put their money in the bank so that when the new currency comes in, it will be automatically changed.

According to Micheal Makuei, the decision is to help the government to mitigate the ongoing inflation coupled with skyrocketing of the basic commodities in the local markets accross the country.

A committee was formed with the membership of various stakeholders to study the best way to deal with current economic meltdown and report back after 7 days.


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