29th October 2020
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Gov’t recommends all transactions be done in SSP

Author: Woja Emmanuel | Published: Saturday, October 17, 2020

File: Minister of Information, Michael Makuei addresses media in Juba. PHOTO: Joakino Francis/Eye Radio

The committee tasked with studying the hyperinflation in the country has recommended that all transactions within South Sudan should be done in local currency.

This is part of a report submitted by the committee established by President Salva Kiir last week to study the economic meltdown.

Last Friday, the Cabinet had announced a plan to change the South Sudanese Pounds to stop hyperinflation and help recover the ailing economy.

It then set up a committee headed by cabinet affairs minister, Dr. Martin Elia Lomuro to study the plan and report back to the cabinet within seven days.

The government spokesperson, Michael Makuei says the committee reported to the cabinet on Friday with a number of recommendations.

“Some of these recommendations are the ministry of finance and planning should make all payment obligations in the local currency,” Makuei told journalists after the cabinet meeting.

“Of course, this is one of the major problems. All the contracts that are made even rent of houses, rent of cars and everything here in South Sudan are made in hard currencies.”

Makuei added: “Why should we use hard currency in a time when we have our local currency? All contracts are supposed to be in the national currency not in dollars.”

It is not clear how the recommendation will be implemented.

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