The European Business Council for Africa

South Sudan said it has reversed its plans to introduce a new currency as the pound continues to depreciate against the U. S. dollar and other major currencies due to the economic crisis.

Michael Makuei Lueth, minister of Information and Broadcasting, said the move to change the local currency was only a mere proposal by the economic crisis management committee as a means to salvage the economy from further collapse but was not agreed and passed by the cabinet.

“The change of national currency (South Sudanese Pounds) was brought in the discussion of previous cabinet meeting as one of the long-term economic measures, but it was not agreed and passed by the council that time,” Makuei told the reporters in Juba on Wednesday evening.

In September, President Salva Kiir established an economic cluster committee to investigate mismanagement of non-oil revenue and also to come up with recommendations to revive the falling economy. […] 

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