South Sudan’s cabinet agreed on Friday to change the country’s currency in order to improve the economy, the government spokesman said, without giving further details.
“The cabinet has decided that the current currency should be changed....This is to improve our economic situation,” information minister Michael Makuei Lueth told a news conference in the capital Juba following a cabinet meeting.
The country’s currency is the South Sudanese pound, adopted when the country gained independence from Sudan in 2011 after a long civil war.
Another war, along with graft and mismanagement, led to an economic crisis in the oil-producing nation. In July, a central bank official announced that South Sudan had run out of foreign exchange reserves and could not stop the pound’s depreciation.
Many citizens are keeping their money at home, while others say “if they take their money to the banks, it will be confiscated”, he said.