Juba, South Sudan – President Salva Kiir has refuted announcement made on Friday last week by Minister of Information Michael Makuei Lueth regarding changing the country’s currency. The minister said the decision was arrived at following the inflation growth rate.
On Thursday, President Salva Kiir called for an extraordinary meeting to discuss the country’s current economic crisis. South Sudan government said in a tweet that the announcement had caused a hyperinflation rate in the market.
President Salva Kiir was caught unaware of the announcement. He questioned the council of ministers regarding the currency announcement as it wasn’t part of the agenda and resolution of the previous cabinet meeting.
He has now said the proposed currency change was brought up in the discussion of previous cabinet meeting as one of the proposed ideas to be subjected for study. The talks, however, as one of the long-term economic measures were not agreed and passed.
President Salva Kiir made an assurance in the cabinet meeting that the government has not agreed to change the currency of the country.
He retaliated that it was a suggestion, a proposed idea to be studied by economists.
However, the government of South Sudan is in the final process of acquiring a loan that will be injected in the market to stabilize the currency rates.
The Council of Ministers meeting also agreed to divert and inject the oil money into the market to help in the stabilization of the market.
President Salva Kiir called for an extraordinary meeting of the Council of Ministers to discuss the current economic crisis in the country with particular focus on the hyperinflation rate in the market due to the announcement made by Information Minister Michael Makuei Lueth
— South Sudan Government 🇸🇸 (@SouthSudanGov) October 14, 2020