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South Sudan adjourned the introduction of new currency

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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 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.

South Sudan government has adjourned the planned change of currency announced by information minister Michael Makuei Lueth last week, according to a statement issued by the presidency this evening seen by NCMP.

“The cabinet has decided that the current currency should be changed….This is to improve our economic situation,” Makuei told reporters following a weekly cabinet meeting last week.

However, in a statement this evening, the presidency said the last week’s cabinet meeting did not discuss or agree to replace the country’s currency, and President Salva Kiir was angered when he decided to call an emergency cabinet meeting today about the issue.

At the beginning of the session, 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 cabinet meeting today discussed 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,” the statement seen by NCMP partly reads.

Kiir denied, according to the statement, that the issue of the change of currency was discussed in any way, but admitted that the matter is a long-term government plan that was not however brought up for discussion.

The change of currency “was brought up in the discussion of previous cabinet meetings as one of the proposed ideas to be subjected to study and discussions as one of the long-term economic measures but it was not agreed and passed by the council at that time,” the statement said.

It said the president told the ministers 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.”

It further said the government is in a process “of acquiring a loan that will be injected in 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.”

The government is in the final process of acquiring a loan that will be injected in 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.

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