Categories: Business

South Sudan to reprint own currency – Official

JUBA – A senior official at the ministry of finance and economic planning has disclosed that South Sudan government might resort to reprinting its currency to double the effort in fighting inflation and shortage of hard currencies needed to keep the government businesses and to execute national development projects.
The official who asked for anonymity because the issue “is still a masterplan and not available for public yet” alluded the idea to recent inflation and fall of South Sudan pound in value to dollar.

“The ministry is trying to come up with ideas and great plans to ensure that inflation doesn’t hit us hard. Everyone knows that the prices of oil is down and this causes the recent global down turn. Exchange rate of South Sudan pound too has fallen. currently the market is 1$ to 7.5SSP which is not good for us and the developments the government is pursuing in the country. We have come up with the idea of reprinting the money in good volumes. we also decided to increase taxes in goods especially those coming from outside the country.” The official narrated.

South Sudan has been hard hit by the ongoing civil war. Experts reports indicated that the country will lose billions of dollars each year if the fighting doesn’t stop. The decline in oil demand world wide also took its toll on South Sudan which depends on oil for 98% of its economy.

Bith Jonathan: Bith Jonathan is an award-winning journalist and columnist. He holds a bachelor's degree in mass media and journalism from the prestigious kenyan school of mass media.