President Kiir to be blamed for currency devaluation
Oct 22, 2020(Nyamilepedia) — The Lakes State member of Parliament, Dharuai Mabor Teny, who is also the Leader of Youth Parliamentary Caucus, blames South Sudan’s presidency for the economic meltdown.
According to Hon. Dharuai Mabor, the leadership could have rescued the economic sector a long time ago if they had appointed experts to lead the monetary institutions.
“You know, our leaders derailed the economy. It started when they murdered our currency by devaluation,” he alleged.
Mr Dharuai said the economic crisis could also be blamed on public financial institutions aggravated by the gross corruption that has persisted in the system for the past decade.
According to the MP, if the government does not sack the current economic committees and form committees led by experts, then there will be no change.
“There is no transparency in the financial institutions; second, we have incapable leaders in financial institutions, for example, the Ministry of Finance, the central bank and the Revenue Authority,” the MP noted.
Ustaz Deng Makur, head of Economics department at the University of Juba, said the current market fluctuation was triggered by the Cabinet’s decision to change the currency.
“The rise in the dollar is happening because people want to store their money in dollars,” he said.
Makur explained that in economics, if the demand for anything is too high then it can definitely facilitate the rise.
the economist added that South Sudan has a consumer economy, so the change of currency is not going to help the economy because the money will continue to fluctuate
He advised that overturning the decision to change the currency might help the currency fluctuation to go down.
He went on to say that if the government will still want to change the currency, then it should just go for a partial change which means it can change only big denomination notes like 500 or 100 than changing the whole currency range