The government is mulling a change in the currency as one of the ways to tame the inflation and stabilize the economy.
According to the draft recommendations seen by The City Review, the delegates of the conference proposed changing the notes to get rid of the old bank notes.
“Consider changing current South Sudan currency to get rid of old bank notes.” the communique partly read.
However, under the monetary policy, the stakeholders at the conference also suggested various policies. They include the exchange rate stabilisation through the accumulation of reserves, encouraging citizens to save in banks and adopting electronic banking systems.
The conference also resolved that the oil revenue be transferred to Bank of South Sudan accounts.
On February 4, 2021, South Sudan will introduce bank notes of 1,000 South Sudanese pound.
Officials at the Bank of South Sudan at the time claimed that the changes were meant to rescue the country from high inflation and the perpetual depreciation of the currency against other currencies.
The central bank officials told journalists in a conference that the move to change the notes is to ensure customer convenience and bring about efficiency in the printing of currency to generate savings for the country.
The First National Economic Conference, organized under the theme Towards a Diversified, Inclusive, and Sustainable Economic Growth, and convened between September 4 and 9, 2023, brought together stakeholders from around the country and world to analyze, debate, and offer policy ideas on how to stabilize the country’s economy.
The post Gov’t mulls currency replacement appeared first on The City Review South Sudan.
