South Sudan denies change of currency, blames Minister for hyper inflation
Oct 14, 2020(Nyamilepedia) — Chairing a cabinet ministers meeting this evening in the capital, Juba, President Salva Kiir blames the cabinet and the Minister of Information for plunging the country into a deep economic crisis.
According to a statement released by the government this evening, President Salva Kiir said he did not approve the change of currency that has brought about the current economic crisis in the country.
To address hyperinflation in the country, Kiir clled an emergency meet with the Council of Ministers to discuss the current economic crisis in the country.
“H.E. Salva Kiir Mayardit, President of the Republic, 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 the Minister of Information and Communication, Michael Makuei Lueth mentioning a change of country’s Currency after the meeting of the previous Friday Cabinet meeting.” Read the statement.
The statement stressed that President Kiir blamed the announcement that was made by the Minister of Information and Communication, Michael Makuei Lueth, about currency change that was made public before it was passed by the cabinet for the crisis.
“President Salva Kiir questioned the Council of Ministers, why an announcement of currency change was made to the public last Friday yet it was not part of the agenda and resolutions of the previous cabinet meeting,” the statement went on.
The statement alleged that President Salva Kiir and some members of the cabinet acknowledged that, the change of the country’s currency was brought up in the discussion of previous cabinet meetings as one of the proposed ideas to be subjected for study and discussions as one of the long-term economic measures but it was not agreed and passed by the council that time.
“President Salva Kiir made assurance in the cabinet meeting that the government did not and has not agreed to change the currency of the country, but instead it was a suggestion, a proposed idea to be studied by the economists,” the statement went on.
The statement further said that President Salva Kiir and the government is in a final process of acquiring a loan that will be injected into the market to stabilize the currency rates.
In addition, 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.